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12/05/2006
Blair and Brown agree pensions deal
Prime Minister Tony Blair and Chancellor Gordon Brown have agreed a deal on pensions.
The agreement will see the link between pensions and earnings restored, probably from 2012.
Pensioners' groups have been campaigning for the link - which was broken by Margaret Thatcher's government in 1980 - to be restored.
The restoration of the link was recommended in Lord Turner's report on pensions, although his report recommended reintroducing the link in 2010.
The agreements ends months of deadlock between the Prime Minister and Chancellor over pensions, with Mr Blair wanting to reintroduce the link between pensions and earnings, while Mr Brown continued to defend means testing.
He had argued that the changes recommended by Lord Turner were too costly between 2010 and 2020.
It is expected that the retirement age will be increased to 68 from 2050 in order to help pay for the changes, also as recommended by Lord Turner.
(KMcA)
The agreement will see the link between pensions and earnings restored, probably from 2012.
Pensioners' groups have been campaigning for the link - which was broken by Margaret Thatcher's government in 1980 - to be restored.
The restoration of the link was recommended in Lord Turner's report on pensions, although his report recommended reintroducing the link in 2010.
The agreements ends months of deadlock between the Prime Minister and Chancellor over pensions, with Mr Blair wanting to reintroduce the link between pensions and earnings, while Mr Brown continued to defend means testing.
He had argued that the changes recommended by Lord Turner were too costly between 2010 and 2020.
It is expected that the retirement age will be increased to 68 from 2050 in order to help pay for the changes, also as recommended by Lord Turner.
(KMcA)
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