British Ukip is drawing up radical plans to overhaul the state pension in its general election manifesto. Newly appointed British Ukip spokesman Steven Woolfe is pushing for the state pension to be REPLACED with a private system in the party’s 2015 general election manifesto.
Firstly, Woolfe wants all children to receive a £2,000 Government grant at birth which is then invested by fund managers. Individuals and employers would also be forced to make contributions for a minimum of 35 years.
Secondly, the Government should fund a National Pension Company to pay for a minimum pension provision. The set-up would be similar to the sovereign wealth fund approach of Norway. The Government would contribute a minimum of £1 billion a year. If a person dies or moves abroad before they are 25 their private pension pot will be moved into the Nation Pensions Company.
Thirdly, savers will be able to draw down money for specific life events such as buying a house for their children or health issues. Annuities would be optional and if the product is not bought then the remaining pot could be bequeathed to children.
Woolfe says “This is a long-term plan, My idea is to introduce a personal pension pot for individuals. There are issues with competition between fund managers but we can deal with that”. But pensions experts have criticised the plans as “incoherent”.
Think Tank Strategic Society Centre director says ” This would take hundreds of years of strict public finances to have an impact. It is bizarre Ukip is going after the state pension when its core voters are pensioners”.
Hargreaves Lansdown head of pensions research says “There is nothing like a coherent and well thought through retirement policy: and this is nothing like a coherent pensions policy”.
So, there you are, British Ukip planning ahead for hundreds of years! I say we need English jobs now, for English workers, we need to invest in our industry again, like making electric cars/solar panels for World export. Kevin Sills, East Midlands lead EU election candidate 2014.