Re-linking pensions with earnings will not profit retirees as much as knowledge of the open market option (OMO), says Hargreaves Lansdown's Tom McPhail.
Both the Tories and Liberal Democrats have pledged to immediately restore the link between the basic state pension and earnings if they take power on 6 May. But head of pensions research McPhail, who is also chariman of the Pensions Income Choice Association, says if politicians want to support people better in retirement they should push the OMO, instead of point-scoring over the earnings link. "Shopping around for a pension will deliver a more significant improvement in provision over the next five years, the life of the next Parliament, than re-linking pensions with earnings," McP...
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