Skip to main content

Retirement Planning

Volume 447: debated on Monday 12 June 2006

To ask the Minister for Women and Equality what steps she is taking to encourage women to plan and save for their retirement. (75802)

The Government's recent White Paper, “Security in Retirement: Towards a New Pensions System”, contains proposed reforms that will enable women to make more informed choices about planning and saving for retirement, by providing simpler, fairer and more widely available state pensions as the foundation on which to save.

Proposals include:

Supported private saving by helping people to make better informed choices about their retirement, introducing a range of pension forecasts to give individuals an understanding of the income they are likely to receive in retirement.

Abolition of the minimum contribution conditions in basic state pension and awarding new credits for parenting and caring—ensure such contributions are rewarded through the state pension in the same way as paid contributions.

Measures to make it easier to save will be supported by a higher, fairer state pension linked to earnings. This will give a firm, simple-to-understand, foundation on which to build, and enable them to have confidence that their personal saving will be worthwhile.