23 March 2010
Written by Harry Phibbs
Eamonn Butler, Director of the Adam Smith Institute, proposes in his new book, The Alternative Manifesto, a radical approach. ‘We should stop future gold-plated pension commitments stone dead and start afresh,’ he says.
‘The fairest and most economical option would be to close all public sector final salary schemes to new recruits entirely, and move those workers to what is now the norm for those already in pension schemes in the private sector - at least the norm where people have any pension at all - namely defined benefit plans, where the worker and the employer both pay into a pension pot which on retirement pays out whatever the pot allows, regardless of past salary.’
Published in the Daily Mail here.