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Pensions: UKIP Policy

Tuesday, 14th June 2011

Britain’s pensioners deserve better. They are suffering not just from complexity in benefits and EU-driven energy price rises but also from the great indignity of means testing. Meanwhile the UK is staring into a pensions black hole created by Labour’s huge expansion of the public sector and that party’s vicious removal of dividend tax credits for private pensions. Without urgent redress, Britain will be bankrupted by a
commitment it cannot hope to honour. UKIP will:

· Target pension contributions’ tax relief at low and average earners, reducing the annual limit for tax-relievable pension contributions to £10,000 gross from the current £255,000 (compensating for higher earners’ flat tax advantages)

· Reinstate the dividend tax credit at 20%

· Bring generous unfunded public sector final salary pensions back into line with typical private pension provision. Calculations show a fund of around £1,000bn is required to cover the future liabilities of public sector schemes. This is simply unsustainable. UKIP will freeze public sector pensions, reflecting today’s challenging economic conditions

· Scrap the costly and counter-productive statutory Pension Protection Fund and National Pensions Savings Scheme

· Save the UK from a potentially ruinous pensions burden by leaving the EU and its enforced common pensions pot. While the UK has 74% of its GDP invested in UK private pensions, Germany has a mere 5.8% and France 5.6%. Further integration of the UK into the EU, through Euro membership for example, would turn this into a pensions tax time bomb

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