Pensions experts Philip Booth (of the IEA and Cass Business School) and Deborah Cooper (of Mercer Human Resource Consulting Ltd ) propose radical reform not just of pensions, but of social security and tax systems.
Booth and Cooper show how the current pensions system is mired in complexity and encourages people not to save and not to continue working after state pension age. The system has grown up, the authors believe, as a result of successive governments trying to buy off voter interest groups with reforms designed to provide assistance to specific groups of older voters. The practical results of these successive reforms are:
· It pays people not to save for their pension.
· A complex social security and tax system that leads to 12 d