Welcome news from Vince Cable on state pensions

The BBC reports plans from the Liberal Democrats for a radical overhaul of the state pension – something that was originally a Liberal Party creation.

The BBC says:

The government is planning a “very radical” overhaul of the state pension, Business Secretary Vince Cable says…

Mr Cable, speaking to BBC One’s Breakfast, said the government wanted to “get away from what we’ve had for the past quarter of a century where state pensions have fallen behind the rest of the economy”.

“What [Pensions Minister] Steve Webb and his colleagues want to do is to particularly protect the position of women, who because they weren’t covered by contributions don’t have a proper state pension,” he said.

Women frequently fail to qualify for the full basic state pension because they have stopped working to raise children and therefore lack enough National Insurance contributions.

You can read the full report here.

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