Retirement age MUST rise or young families pay the price, pension committee head warns


state pension frank fieldGETTY

Explicit Field has spoken out against the state pension triple lock

Utter to, MP Frank Field raised the possibility of select committees containing greater powers, including to introduce bills, as he blasted the Government’s resolution to maintain the state pension triple lock.

There is «no free trip» said the chair of the influential pensions committee, after the Conservative and DUP practise maintained the state pension triple lock, which guarantees profits rises by at least 2.5 per cent year.

The growing cost of retirement payouts compel have to be paid by either pushing back the official retirement age, or past lowering the welfare of working age people, according to the politician whose reappointment as rocking-chair of the pensions committee was confirmed this week.

Despite Jeremy Corbyn’s throw pledge to keep the triple lock, the Labour MP said he is «very fortuitous» to keep pushing for the state to drop the guarantee. 

state pension triple lockGETTY

The Guidance decided to keep the state pension triple lock

He told «I’m sure pensioners would prefer to retire earlier rather than those who are hibernated to keep the triple lock — this has never been explained to them.»

Mr Aficionado said there should instead be a double lock — where profits rises by either the higher of inflation or average earnings — a policy that was envisioned to be introduced by the Conservatives, had Theresa May won a majority.

The growing cost of the state benefit could force the retirement age above life expectancy in parts of the mountains by 2060, according to a report by released by the work and pensions committee earlier this year.

The MP for Birkenhead is now set to with the group’s scrutiny of state pension sustainability.

Rather than introduce forward of the retirement age, it’s more likely the Government will pass on the cost to uninitiated families, according to Mr Field.

He said: «I don’t think that’s fair.»

One of the first areas the MP has in his sights as returning head of the commission is workers being automatically enrolled into personal pension plots, where charges can erode savers returns.

Workers could see up to 30 per cent uncountable pension under a collective pension scheme, according to Mr Field.

He wants to annihilate evidence to look at why the Government’s workplace pension scheme NEST does not run such a technique.

The MP also signalled more joint approaches with fellow bodies, after the Work and Pensions group previously joined forces with the Matter Innovation and Skills committee worked together on the BHS inquiry.

He revealed he has already reached out to Rachel Reeves, who has been elected as the new authority of the Business, Energy and Industrial Strategy Select Committee.

The two groups could further scrutinise Britain’s growing gig frugality and the rights of employees in the sector.

Mr Field also raised the prospect of best committees being given the power to introduce bills where there is a be in want of for legislation.

The Taylor Review released this week said craftsmen for companies such as Uber and Deliveroo should get extra benefits and be classified as dependent contractors.

Mr Catch said the report provided a «very good floor on which to increase but it is not sadly the great paper of reform».

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