The Tories just revealed their pension plans, we’ll be lucky to be alive to get one

Support us and go ad-free

As the Tories launch a review into the pension age, experts warn we may have to work until we’re dead. A new report from pensions company Royal London shows that an average UK earner would have to work until they are 77 to get a decent pension.

Director of Policy Steve Webb told The Canary that his company defines a decent pension as two-thirds of one’s pre-retirement income, because “two-thirds is what is generally considered enough to maintain your standard of living”. Meanwhile, an average person is defined as someone who started saving for a pension at 22 and made all the minimum statuary contributions.

But in London, it’s even worse. If you live in Westminster, you’d have to work until you’re 81 to receive a decent pension. In Camden, Wandsworth, Bromley and Richmond-upon-Thames, residents would have to work until they’re 80.

These findings come as the Tories have ‘quietly’ launched a review into the age we should receive our state pension, with Labour accusing them of moving to raise the retirement age more quickly.

With life expectancy currently standing in the early to mid-80s, this report suggests we may have to work until we’re dead to get a decent pension. But in countries like Denmark, elderly people are looked after much better. Kirsten Ketscher, professor of social security and welfare law at the University of Copenhagen, says:

We spend a lot on the elderly in Denmark. It’s the one area of consensus in parliament.

In Denmark, people over the age of 65 receive a pre-tax basic pension of £811 a month.

Read on...

Support us and go ad-free

While Webb told The Canary that it’s difficult to compare national pension systems, it’s clear that Danish pensioners receive much better treatment than their counterparts in Britain. A 73-year-old former teacher, Rigmor Brønd, said:

I feel great right now, but I know that if I have problems, the state will look after me – to stay in my own home, or in a nursing home where I can have a good life.

The UK has the fifth largest economy in the world, with a GDP per capita not much lower than Denmark’s. There is no reason we cannot look after our elderly, and it is imperative that we do. Pensions are a right for citizens who have spent their lives contributing to society, and they shouldn’t have to work until they are 77, 81 or dead in order to receive a decent one.

Get involved!

Support the Canary so we can continue to promote a cohesive society.

Write to your MP to ask if they think we should all get a decent pension.

Featured image via Flickr.

Support us and go ad-free

We need your help to keep speaking the truth

Every story that you have come to us with; each injustice you have asked us to investigate; every campaign we have fought; each of your unheard voices we amplified; we do this for you. We are making a difference on your behalf.

Our fight is your fight. You’ve supported our collective struggle every time you gave us a like; and every time you shared our work across social media. Now we need you to support us with a monthly donation.

We have published nearly 2,000 articles and over 50 films in 2021. And we want to do this and more in 2022 but we don’t have enough money to go on at this pace. So, if you value our work and want us to continue then please join us and be part of The Canary family.

In return, you get:

* Advert free reading experience
* Quarterly group video call with the Editor-in-Chief
* Behind the scenes monthly e-newsletter
* 20% discount in our shop

Almost all of our spending goes to the people who make The Canary’s content. So your contribution directly supports our writers and enables us to continue to do what we do: speaking truth, powered by you. We have weathered many attempts to shut us down and silence our vital opposition to an increasingly fascist government and right-wing mainstream media.

With your help we can continue:

* Holding political and state power to account
* Advocating for the people the system marginalises
* Being a media outlet that upholds the highest standards
* Campaigning on the issues others won’t
* Putting your lives central to everything we do

We are a drop of truth in an ocean of deceit. But we can’t do this without your support. So please, can you help us continue the fight?

The Canary Support us

Comments are closed