Crisis in Pensions

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2004 Retired Members' Conference
12 October 2004

Conference notes the publication of the First Report of the Pensions Commission on Tuesday, 12 October 2004. In particular, Conference notes that the Commission has identified three ways to alleviate the pensions crisis:

a)People must save more (compulsory savings cannot be ruled out);

b)People must work longer;

c)People must pay more (tax and/or contributions).

Conference also notes that Adair Turner, the Commission’s Chairperson, stated during an interview on BBC Television on 12 October that people would have to work part-time in order to supplement the State Pension.

The decision by many Employers not to contribute to their respective Pension Funds and the annual raid upon Pension Funds by the Government, which have contributed to the Pension Crisis were glibly dismissed as due to the vagaries of movement in the Stock Market, and by demographic changes i.e. people are living longer and having less children.

Conference instructs the National Committee to do all in its power to ensure that UNISON fights against these proposals.