Coalition government "has covered important ground" on pensions

Thursday, June 3rd 2010

Despite being in office for less than a month, the new coalition government between the Conservatives and the Liberal Democrats is already making important announcements relating to the future of the UK's pensions policy.

According to the Pensions Policy Institute, David Cameron's authority has made some interesting pledges.

These include the promise of a review that will decide when the pension age rises to 66 and the introduction of an independent commission to oversee policies in the public sector.

In addition, Westminster has agreed to phase out the default retirement age and set up a fund to provide care in old age.

Some people currently putting money aside for their pension each month may deem the ideas of the coalition government to be promising.

Much of the responsibility for any forthcoming reform will fall to Iain Duncan-Smith, the newly appointed secretary of state for work and pensions and former leader of the Conservatives.