The current pension system is not a fair solution to a shrinking economy, says Mr Gough who is the Director of the Royal Society for Business Economics.
The new system needs to be changed and will help in saving and increasing the size of pensioners’ retirement.
We’ve seen a decline of 15pc in benefits under the current system that, if this is replicated, will lead to a substantial change in the system.
Mr Gough says changes to the new pension system are needed immediately.
I don’t think there should be a delay whatsoever. But you may need to wait until you are on longer or longer term plans and you’ve looked at where the changes are to provide for the pensioner’s future. I do not think the pensioner may be able to afford it.
When a number of reforms were announced in the last 20 or 30 years pensioners have already been hit in their pension benefit roll over on a daily basis. In addition to being paid less this year, the costs of pensions increased last year.
Under the new system pensioners will still have to pay more and this will affect pay-day pensions as well as their monthly allowance.
But Mr Gough says those pensions will get a boost in a number of years.
If we work together as a society and as individuals, we can make changes in pension system to better meet the needs of future growth.
I think it will be a positive change in the future because that kind of work, particularly in the early stages of building a future pension has changed.
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The Royal Trust’s Pension Benefit Trust announced this week a series of new plans as part of the Government’s overhaul of the Commonwealth’s social care system.
It is the largest of these plans which are to be unveiled tomorrow.
According to the report, the first new plans will see workers getting new pensions by midyear next year.
The plans will have four basic features, one of many that’s coming from Mr Gough’s Government.
One is that employees will be allowed to keep one piece of basic benefits.
If they don’t manage the rest of their life, then they can be given a pension.
The other change will be that the pension value of this kind of extra income will be taken into account at some point from now.
Under the new plans there’s no annual limit
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