The last government introduced tax laws (2004 finance act) which prevent people from accessing private pensions before the age of 55. This should be change to allow people to access a pension which they have planned for their future
I am a member of a pension scheme which is well organised, well funded and has for many years paid a pension from the age of 50 to people forced to leave work because of redundancy. The trustees have been forced by current legislation to change the minimum pension age to 55. As this is a private scheme there is no cost to the public when people draw a pension from this scheme.
There is however considerable cost to the benefit system when a 50 year old member with a young family is made redundant, and now must rely on state support for 15 years as the pension he has paid into for 32 years is no longer accessible.
Why is this idea important?
This law causes great hardship and distress for many people and their families, after having made provision for the future, only to have it taken away.
This is a typical example of a law which benefits nobody, but severely impacts the standard of living for many.