The New Vision for Retirement: Reforming Pensions and Long-term Care Funding

The New Vision for Retirement
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Date(s) - 14/06/2011
8:00 am - 10:00 am


A roundtable exploring the links, opportunities and risks as the government contemplates fundamental reform to the pension system and the funding of long-term care.

Date and time: Thursday July 14th 2011, 08.00-10.00

Location: PwC, 7 More London Riverside, London, SE1 2RT

The UK is currently engaged in historic reforms to address the deep-rooted problem of under-saving for retirement.

Policymakers are at an advanced stage in implementing both the NEST scheme, as well as ‘auto-enrolment’ into workplace pensions. The new Ministerial team at the Department for Work and Pensions (DWP) has also made it their mission to ensure it ‘pays to save’, and has set out plans for a ‘State Pension for the 21st century’ that will supersede means-tested Pension Credit.

In the social care policy arena, the Commission on Funding Care and Support has grappled with equally longstanding and entrenched problems that arise from the under-funded social care system operating in England and Wales. Policymakers are under intense pressure to address ‘catastrophic costs’ for households, deal with fiscal pressures on the system and reduce the burden of excessive informal care provision on families.

This roundtable will explore the potential strategic opportunities and pitfalls that arise from the simultaneous reform of such complex, long-term and overlapping policy domains:

  • How can we square off retirement means-testing and individual responsibility in the social care system with the DWP’s aim to ensure it ‘pays to save’? What behaviour are we trying to encourage, and what policy levers are available to ensure people are nudged in the right direction?
  • If the long-term care funding system should eventually feature new working age contributions, when and how should this occur? Will policy design and execution across the two arenas deliver shared objectives in an effective way?
  • How can we ensure reforms to pension saving and long-term care funding add up to a compelling vision for retirement?

The speakers at this event comprised:

  • James Lloyd, Strategic Society Centre
  • Hugh Pullinger, Head of Pensions and Ageing Strategy and Analysis Division, DWP

The event was chaired by  Tina Hallett, Partner, PwC.

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