Liberal Democrat Manifesto 2010 Your Money Fairness in Pensions, Savings and Benefits
Labour has created a hugely complex and unfair benefits system, and it needs to be reformed. Pensions and savings have been undermined.
We will make pensions and benefits fair and reward savers by:
• Immediately restoring the link between the basic state pension and earnings. We will uprate the state pension annually by whichever is the higher of growth in earnings, growth in prices or 2.5 per cent.
• Increasing the income tax threshold to £10,000.
• Giving people greater flexibility in accessing part of their personal pension fund early, for example to help in times of financial hardship.
• Giving people control over their pension by scrapping the rule that compels you to buy an annuity when you reach age 75.
• Allowing individuals to save through our UK Infrastructure Bank, offering stable long-term returns.
• Meeting the government’s obligations towards Equitable Life policyholders who have suffered loss. We will set up a swift, simple, transparent and fair payment scheme.
• Ending the rollercoaster of tax credit overpayments by fixing payments for six months at a time. We will also target payments towards those who need them most.
• Reforming Winter Fuel Payments to extend them to all severely disabled people, paid for by delaying age-related Winter Fuel Payments until people reach 65. We will continue to pay Winter Fuel Payments to all current recipients of Pension Credit.
Liberal Democrat Manifesto 2010 : 4 Steps to a Fairer Britain
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