Tony Hazell  

Labour at sea on corporation tax basics

Tony Hazell

Tony Hazell

But this report needs to be read with care. The key point is that those entering retirement are better off, often because many are still working and they have good pensions.

However individual pensioners may not have experienced rising incomes as they grow older. So older pensioners may still be struggling with low incomes even though a new generation of wealthier pensioners is pushing up the average pensioner income.

Article continues after advert

As I have pointed out before the triple lock has not yet achieved the aim of getting the state pension back to where it was in the early 1980s before decades of erosion began. The lock remains essential for now if only to help the older and often poorer pensioners.

_____________________________________________________________________________________________________________________

AE: what's not to like?

Sometimes you only realise just how wonderful a policy is when you come face to face with it. I have always been strongly in favour auto-enrolment into pensions. What’s not to like? A pension is free money.

Now I have seen it in action twice. I have two stepsons. The older one is Mr Frugal. He’s sensible, he saves and he’s in a final salary pension fund. There was never any question he would sign up the first chance he got.

The younger one is Mr Profligate. Money burns his palms until he spends it. So I was really pleased the other day when he mentioned his pension into which he had been auto-enrolled a couple of years ago.

Without auto-enrolment he would not have saved a penny towards his future. With it he will at least have a fund to build on if he ever decides to start planning for his future.

Tony Hazell writes for the Daily Mail's Money Mail section