2005
(08/11/05) AXA launches “State Pensions Reform, The Media View”
...personal finance leading lights offer their views on state pension reform...
As the presentation of Adair Turner's Pension Commission report draws closer, AXA has invited leading personal finance and pensions journalists to propose their own solutions to the UK's pension crisis.
The collection of 10 essays entitled “State Pensions Reform, The Media View” is available from AXA's website www.axa.co.uk/pensionsreform. The thoughts of the following journalists have been published:
- Jeff Prestridge, Personal Finance Editor, Financial Mail on Sunday
- Ian Cowie, Personal Finance Editor, The Daily Telegraph
- Emma Simon, Personal Finance Editor, The Sunday Telegraph
- James Hopegood, Reporter, Money Mail
- Patrick Collinson, Personal Finance Editor, The Guardian
- Rob Budden, Personal Finance Editor, Financial Times
- John Husband, Personal Finance Editor, The Daily Mirror
- Hal Austin, Editor, Financial Adviser
- Matthew Craig, Editor-in-Chief, Pensions Week and Pensions Management
- John Lappin, Editor, Money Marketing
The views expressed by these leading journalists — their own personal views rather than the views of their publications — are thought provoking and often radical. They range from calling for fundamental overhaul of the state system to focusing on specific and incisive measures including: the abolition of the second state pension; the end to means testing; reforming tax incentives; introducing a Premium Bond pension; and shifting all MPs away from comfortable final salary schemes.
Paul Evans, CEO, AXA Sun Life, commented, “Adair Turner's Pension Commission report could lead to the greatest reform to pensions since Beveridge. The longer any government procrastinates about the pensions reform, the more difficult the problem will become and the more likely it is that future generations will pick up a disproportionate share of the issue.
“At AXA we would like to see more simplicity in the pensions system. The complexities, such as Pension Credit and the second state pension, need to be removed and the distinction between the role of state benefits and that of private savings made clear. Over the past few months, we have made clear our views that the basic state pension should be made universally available to all retired people, based on residency. To accompany our thoughts on the issue, we have collated the views and proposed solutions of some of the industry's most well-versed financial commentators. This compendium presents a fascinating divergence of opinion and provides an incisive overview of the key issues.”
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