Britain's State Pension: A Deliberate Design
Britain has the least generous state pension in the G7, which should be recognized as good news.
The fact that it won't be celebrated reveals a mismatch between policy and politics around pensions in the UK.
The nature of Britain's state pension isn't an accident or a failure. It's the product of deliberate design.
For the past three decades, British policymakers have chosen to provide retirement income largely through private saving rather than tax-funded state benefits, unlike France, which is inching closer to fiscal crisis.
Author's summary: Britain's state pension is a deliberate design choice.
- Britain has the least generous state pension in the G7.
- Policy is focused on private saving rather than tax-funded state benefits.
- France's approach is leading to fiscal crisis.
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