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Ukip to investigate advice ‘voucher’ system for retirees

Ukip has promised it will work to guarantee free advice to pensioners, as well as sharply increasing the budget for at-retirement guidance services.

Alongside plans to overhaul state pensions announced yesterday, Ukip described current offerings from The Pensions Advisory Service and Citizens Advice as “completely inadequate”.

It states that a Ukip government would make funds available so independent advice is made available to all retirees, promising to work with bodies including the Chartered Insurance Institute and the Personal Finance Society to develop the scheme.

Ukip candidate for Harwich and North Essex Mark Hughes says one potential avenue may be a “voucher” system, that would guarantee access to a fixed amount of support from an adviser participating in the scheme.

He says: “This government has been trying to do it on the cheap.

“We have a great resource of financial advisers, and people’s financial education is not what it should be, so what we are trying to do is to connect the quality advice we have with the consumer.”

At the same time, Ukip has also promised to increase the budget for Government-backed guidance service Pension Wise.

Under the plans, the total budget for guidance will double from £30m to £60m for 2015/16 and treble from £10m to £30m for 2016/17.

The new services would be funded by projected reductions in other areas over the next parliament.

Ukip projects it could save £25bn in EU contributions, £19.83bn from overseas aid budgets, £11.5bn from the cancellation of HS2 and £3.5bn from NHS medical insurance recovery from migrants and visitors ineligible for free treatment.  

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. This is hardly a new or original idea ~ a voucher system was proposed from many quarters right from the word go but studiously ignored by the Conservatives. If take up was poor, the cost of such a failed initiative would be nominal, but what we have instead is a scheme that’s going to cost a bomb whether it succeeds or not. Where’s the sense in that?

  2. The most incredible thing is that for once UKIP is promoting an idea that is actually sensible. The bad news is that this now means that the rest of the parties will not entertain the idea, as if they do Mr Farage will claim they are stealing his ideas, even though as Julian says this idea was actually proposed by many people from the word go – (myself included).

  3. As a citizen, I don’t care who has the ideas. It’s who will adopt them and implement them effectively that matters. If the idea has been around for a long time but never adopted by the normal three stooges then what’s wrong with someone else having a try. UKIP’s other “idea” of leaving the EU has at least got some degree of debate and traction going among one of the main parties. Even this wouldn’t have happened without UKIP’s efforts.

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