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| May | 15 |
| 2006 |
Resuming my general miserableness about politics, there's one huge example of the infantile me-tooism that dominates what passes for thinking at the moment: the notion that restoring the link between pensions and earnings is, almost by definition, a good thing.
It's not often that I support the Chancellor for upholding sound economics and good finance, but in his resistance of such a move he was spot on (although of course when placed alongside his raids on pension funds, Mr Brown's report card looks rather less commendable). Now he's happy to be seen as giving up, reaching a 'deal' with the Prime Minister over restoration (albeit 'subject to affordability', which means he might easily - hopefully - wriggle out of it).
As for the proponents, the respositioning of Dave's Conservatives in favour is both shocking and yawningly predictable. Abolishing the link was one of the Thatcher government's most politically difficult and economically essential moves. For her successor to push for its restoration is short-term political posturing at its worst.
So overwhelming has the consensus become in favour of the link that I had started to feel that I was alone in such thoughts. Not so: Tim Hames has a terrific piece in today's Times on much these lines.
MessageSpace
I note from Tim Hames's piece that one of the Turner report's prescriptions concerns raising the retirement age in 2050. This is fatuous. There are plausible scenarios in which by 2050 we are entering the era of arbitrary life extension. The phrase 'life expectancy' at this point becomes meaningless.
This is a classic example of linear extrapolation of a trend when in reality its nature is exponential. Making predictions is very hard, especially about the future.
Will Gordon Brown continue the 'good finance' theme and abolish his own guaranteed index-linked pension? Embdy know?
I'm sorry to find you on the wrong side of the earnings/pensions link. It's a matter of simple equity that while contributions are linked to earnings, so should the rise in pensions. Or at least to whichever is the greater of earnings/price rises.
s. During 40 odd years of contributions (beginning at 2 bob a week or so) nobody offered to peg that contribution in line with earnings. Instead as my earning power increased, so did the contribution rate. Now you think a miserable BSP pegged to prices is a fair reward.
What you young' uns forget is that the price increase basis for uprating pensions bears no relationship to the inflation effect felt by pensioners. CPI is full of consumer items and such that pensioners buy less often while their spending patterns are heavily influenced by council tax rises and energy prices. These are undervalued in the CPI.
Still I don't suppose you and Mr Hames will be reliant on a BSP that barely covers your councuil tax bill in a few years time, if current trends continue.