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Notes from Westminster: Compulsory savings or taxation?

Publication: Pensions Management
Publication Date: 01-JUN-05 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Pensions policy has become an extremely complex business. There are, however, three factors which stand out above all else and which should shape the policy of any political party.

The first consideration is that pensions should be at an adequate level. There are basically only two means of ensuring this, and they both involve compulsion. One is compulsory saving in private pension schemes; the other is funding pensions through general taxation. Other policies, involving financial incentives to contribute to private schemes, are likely to be patchy in their effect, boosting total pension provision, but by no means securing coverage across the whole population.

The choice here between compulsory saving and taxation is to a...

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