Inequality Figures Show Why Plaid’s Pension Policy Desperately Needed

By politics.co.uk

January 27, 2010

United Kingdom

Plaid Cymru spokesperson on equality, Hywel Williams MP, has attacked both Labour and Conservative parties for their part in making the UK a more unequal place than at any time since the 1970s and failing in their promises to create a fairer country. 

A report published today by the National Equality Panel shows that the UK’s richest 10% are 100 times better off than the poorest 10%, that women earn 21% less than men despite being better qualified up to the age of 44 and that any ethnic minority group earn less than white men and women. 

The report notes that cumulative differences over a lifetime, often rooted in family and early life opportunities, lead to a substantial difference in assets to draw upon when retiring. 

Mr Williams said: 

“The difference between the haves and have-nots is one which grows throughout life and many people, despite working hard, are unable to save the amount of money to see them through their retirement years. 

“The highest tenth of people have £1.3million of assets to call upon when they retire while the worst off tenth have only £28,000 – less than 1% of the assets of the richest. 

“That is why Plaid Cymru believe that it is crucial for a proper universal living pension as people have the right to a retirement free from worry about paying their fuel bills or doing their weekly shop. 

“Our policy, developed from work by Help the Aged, will reduce pensioner poverty starkly amongst the over-80s who are worst affected and ensure that others need not go through the same experience. 

“In contrast, Conservative plans for pensioners to pay an £8,000 care home ‘insurance premium’ are entirely unrealistic for people who have assets of around £30,000. It would be a quarter of the money they’ve saved throughout their lives. 

“The Conservatives’ policy on pensions shows that they are still the party of the mega-rich and will never really look after hard-working people.” 
Discussing the rest of the paper, Mr Williams said: 

“The report shares the blame between the failure of both Labour and Conservative governments over the past three decades to reduce inequalities. 

“Their tit-for-tat squabbling for political gain is tiresome and meaningless to people who face genuine challenges in their everyday lives. 

“When it comes down to it though, both parties are offering the same market-driven solutions that have massively increased inequalities.”

Copyright © Global Action on Aging
Terms of Use  |  Privacy Policy  |  Contact Us