Lord Myners’ master plan is for the Government to get involved. People would buy their annuity from the Treasury’s Debt Management Office (DMO), which sells gilts for the Government. The DMO would insure the risk and provide an annuity through National Savings & Investments, another government agency. The pension payments would be made through the Post Office.
We’ve spent decades trying to get people to save for their pensions.
Now, at the last gasp, at the vinegar stroke, we’re going to load all of the risks and liabilities of those pensions onto the State.
And oh my God doesn’t it leave room for some future Chancellor to play games with the payouts?