PENSIONS & RETIREMENT

Old Age in the Modern Age: A New Pension Model

We pledge to establish a new state pension model, initiating a fund for every citizen from birth, ensuring financial security and healthcare from retirement until life's end.

A steadily ageing population, combined with longevity and a greater demand for care services means that the UK will continue to come under tremendous pressure to support a growing community of older people. That community will one day include all of us; you and I, our children and theirs. No one can avoid old age, but we can avoid the trauma and discomfort so many old people suffer today because we as a society refuse to provide adequate care and security.

Financial Security In Old Age

That kind of security depends on our early incentive to start saving as soon as possible, but it’s often something we put off or ignore altogether. For most of us however, the reason is simply because we are never left with enough money to invest in a pension, when the small amount we can spare makes such a big difference to the immediate future. Choosing between food on the table today or a roof over our head in forty years time is not a concern we should ever have to live with. Especially when we pay into a system that was set up to do one simple thing: Provide.

If there’s one thing we all know, it’s that—when it’s not being raided by corrupt politicians—the current state pension is insufficient to support an elderly person in the modern world. It’s not because there is insufficient money in the system, it’s because public money is misspent by the government, leaving people like you to pick up the tab.

Under Visionary stewardship, you will have a pension, acquired and grown from the day you're born, that guarantees an income and healthcare from retirement until the day you leave us.

“Don't simply retire from something,
have something to retire to.”

Harry Emerson Fosdick

The 21st Century Pensioner

For people paying into this system for the first time there will be no state pension fund to inherit on retirement. We would therefore propose a pro-rata contribution is made by the state to everyone in the UK whose year of birth falls within an elected period.

Based on the national averages at the time of implementation, the contribution made would be equal to the amount each person would have received had the system been in place when they were born.

Introducing this change immediately will give us an opportunity to learn important lessons now, rather than in a generations’ time.

This structured approach ensures that from birth, individuals have a secured financial foundation, bolstered by both parental and state contributions, leading to substantial economic security upon retirement.

UK state pension funds would be made available in addition to the UK state UBI (Universal Basic Income).