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In the latest Pensions Age podcast, Laura Blows speaks to Cambridge Associates head of European pension practice, Alex Koriath, about the Covid-related market volatility and how pension funds can prepare for the challenges ahead, Laura Blows speaks to Lisa Purdy, Head of Fiduciary Distribution at Legal & General Investment Management and Gavin Smith, Pricing and Execution Director - UK PRT at Legal & General, about the impact of the recent market volatility on the bulk annuity and risk transfer market and the potential opportunities for the future, In this latest Pensions Age podcast, Linklaters' Sarah Parkin talks to Laura Blows about the wide range of choice available to pensions schemes for the partial, or full, removal of their risks. var ftBuildTag1 = "1000){r=r.substring(0,r.length-1);}return r;}());} The Labour Party has refused to rule out scrapping the state pension triple lock, Boris overruled the Chancellor Rishi Sunak last week to keep the pension triple lock, Lucy Powell told Times Radio that the triple lock on pensions could be ended, State pension: Claimants can backdate payments under these conditions. The think tank works with the Government to “push forward ideas and policies that will promote social justice”, according to the manifesto written by Mr Duncan Smith. order back issues and use the historic Daily Express “Working longer has the potential to improve health and wellbeing, increase retirement savings and ensure the full functioning of public services for all.”, CSJ chief executive Andy Cook said: “Right now, we are not doing enough to help older people stay in work and the state pension age doesn’t even closely reflect healthy working life expectancy.”, He added: “By increasing the state pension age, we can help people stay in gainful and life enhancing employment while also making a sound long-term financial decision.”, READ MORE: Brexit news: Malaysia offers Boris Johnson trade deal. This would significantly improve the countries projected fiscal position.”. “There are huge differences in life expectancy across Britain. Consequently, Willis Towers Watson warned that triple locked state pensions could rise by as much as 21.3 per cent over a two-year period if there is a V-shaped economic recovery, making a sizeable dent in Westminster’s coffers. 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In an alarming development for pensioners, shadow business minister Lucy Powell told Times Radio that the triple lock on pensions could be ended if they come to power. The Centre for Social Justice (CSJ) was established in 2004 and is headed by former Tory leader and Secretary of State for Work & Pensions, Iain Duncan Smith. var ftTag = ftBuildTag1 + 'ipt language="javascript1.1" type="text/javascript" '; The CSJ concludes that if such support is implemented, it recommends an increase in the State Pension Age (SPA). Additionally, Aegon pensions director, Steven Cameron, pointed out that “temporary adjustments” could be made to the current system but urged the government to act “sooner rather than later” on the issue. This comes just days after Boris Johnson vowed to retain the triple lock on increases in the state pension, despite the ongoing pandemic. The publication recommends helping older people “access the benefits of work” by implementing support structures such as increased access to flexible working and training opportunities. However, the government source added that Sunak’s disagreement with Johnson had not become a “blazing row”, with the Chancellor having an online sales tax and capital gains tax hikes among his other options for bolstering Westminster’s finances. View Linda’s full profile. We use cookies to ensure you get the best experience on our website. newspaper archive. Researchers at the Resolution think tank estimated that the state pension could rise by 7.4 percent over the next two years due to expected average wage increases. var ftClick_5023943 = ftClick; Ms Powell refused to be drawn on whether Labour is committed to the pensions triple-lock. The report said evidence suggests the UK is “not responding to the needs and potential” of an ageing workforce. Email: JohnstonPress.members@barnett-waddingham.co.uk Money Purchase benefits were transferred to Zurich in January 2014. var ftCQs=function(a){var b={gdpr:"${GDPR}",gdpr_consent:"${GDPR_CONSENT}",gdpr_pd:"${GDPR_PD}",us_privacy:"${US_PRIVACY}"},c=decodeURIComponent("%"+"5C");RegExp("^["+c+"w"+c+".-]+$").test(a)&&(b.gdpr_consent=a);return"&"+Object.keys(b).map(function(a){return a+"="+b[a]}).join("&")}("${GDPR_CONSENT_78}"); "":(function(){var d=document.referrer,h=(d)?d.match("(?::q/q/)+([qw-]+(q.[qw-]+)+)(q/)? ", Mr Jones hit back: "What? Boris Johnson “put his foot down” and overruled the Chancellor Rishi Sunak last week to keep the pension triple lock, according to The Times. Earlier this week, ministers introduced legislation into Parliament to ensure the state pension will not be frozen next year if wages fall this year due to the COVID crisis. “There must be a facility for those who can’t work to retire earlier.”, Jan Shortt of the National Pensioners Convention added: “The longer you work the more ill you become and the less likely you are to even reach retirement age.”. Please see our Privacy Notice for details of your data protection rights. Learn about Johnson & Johnson Pension Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Johnson & Johnson employees. var ftExpTrack_5023943 = ""; Prime Minister, Boris Johnson, does not agree with Chancellor, Rishi Sunak’s, reported plan to potentially pause the state pension triple lock this autumn, according to The Times. '1':'0')+'&ft_referrer='+encodeURIComponent(ft_referrer)+ftCQs+'&cachebuster='+ftRandom+'" id="ftscript_300x250" name="ftscript_300x250"'; var ftOBA = 1; ".replace(/q/g,decodeURIComponent("%"+"5C")))[1]:"";return (h&&h!=location.host)? If this change is implemented, those who would first be affected would be those born between March 6, 1961 and April 5, 1977. But the CSJ is urging the Government to go even further. He believes very strongly that we must deliver on our manifesto pledges.”.