Of more interest, I think, are the government’s other pension proposals. 'Re-invigorating retirement' sounds rather jaunty, being forced to pay into less than lucrative company pension schemes does not - especially as those schemes are far from secure. Also, the abolition of the Default Retirement Age limits the capacity of private companies to manage their workforces. The government’s business reforms were supposed to encourage flexibility, today’s announcements deepen rigidity.
The pensions system is a Stygian mire, and IDS has an unenviable task. None doubt IDS’ enthusiasm and conviction, but Ben Brogan reports that Whitehall already doubts that IDS has the ability to implement and deliver necessary reform.