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LibDems outline plans for citizen’s pension

The Liberal Democrats’ manifesto promises “fairness and opportunity’, promoting their citizen’s pension and meas-ures aimed at achieving economic prosperity.

The manifesto spells out the LibDem’s citizen’s pension proposal with a guaranteed basic pension of £109.45 a week, increasing with earnings for anyone over 75.

The LibDems say this would immediately remove a million pensioners from means-testing and they would hope to widen the scheme to include 65-74-year-olds although without specifying a timescale. The citizen’s pension would benefit women and carers who have built up low levels of National Insurance contributions as it will be based on residency.

The manifesto pledges to ensure that workers whose schemes went bust before the pension protection fund was set up will benefit from the same level of cover that the PPF now offers.

The LibDems would also scrap child trust funds, which are described as “wasteful new initiatives”.

The manifesto promises to tackle irresponsible credit expansion on mortgages and personal loans by curbing misleading advertising and anti-competitive practices.

LibDem Shadow Work and Pensions Secretary Steve Webb says: “These principles of fairness and opportunity are close to the hearts of the British people and are values held deeply by Liberal Democrats.”

Plan Invest investment manager Paul Barnes says: “They have highlighted imp-ortant issues but, like all pol-itical proposals, the problem is affordability.”

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