International Monetary Fund warns the UK's state pension mechanism should be abolished
International Monetary Fund warns the UK's state pension mechanism should be abolishedIn an assessment of the UK economy, the fund suggested that pensions should be linked to annual inflation rather than the current more generous arrangement.
It concluded: “On the spending side, staff continues to recommend indexing the state pension to cost of living increases, recognising the authorities’ efforts to contain the non-pension welfare bill by incentivising work.” David Gauke, the former Work and Pensions Secretary under Theresa May, called on the parties to listen to the warning. He told: “The IMF is right to highlight the substantial pressures on the public finances which a future government will have to address. This includes the pension triple lock which should now be dropped on affordability grounds.“But neither of the main parties look likely to be brave enough to take action, at least not this side of a general election.
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