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Turner gets it right on pensions

The Turner pensions commission rightly considers greater longevity not as a problem but as part of the solution. Its recommendations of a higher state pension with less means-testing, paid for by later retirement and more saving are right too

By Nicholas Barr   January 2006

No discussion of pensions is complete without reference to the “ageing problem.” But this description is a new manifestation of pension misselling: people are living longer, healthier lives, something we should be celebrating. Indeed, one of the best features of the Turner commission’s November report on pensions is that it considers longevity not as a problem, but as part of the solution.

High birthrates in many developed countries in the 1950s and 1960s were not maintained in subsequent decades. Thus the number of older people is rising, and from 2020 the number of pensioners will rise, both absolutely and relative…

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