The politics of change

Modern British general elections, played out in TV debates and social media, feel very different from those which took place only 20 or 30 years ago. But in some respects, they have hardly changed at all. George Ross Goobey (whose extensive papers are part of the Pensions Archive Trust collections) wryly remarked in the1964 election year that policy items on pensions among other things were ‘often, one fears, simply for the purpose of vote catching.’

We live in a more cynical age. But long-term solutions might emerge if politicians followed two principles.

The first is honesty with themselves and the public on the challenges and choices open to them. How can the widening disparity in the pensions coverage, benefits and security of public servants and everyone else be tackled? If minimum auto enrolment contributions are unlikely to produce a comfortable retirement, what will be done to encourage or compel more realism? Who will pay for it? And what is the role of the State pension?

The second principle is the use of the tax system to encourage saving and responsibility by all and the provision of a stable and uniform framework applied to all.

Concluding his remarks on politics in that election year over 50 years ago, Ross Goobey hoped that the pension fund whose investments he managed would continue to flourish so that ‘our pensions can keep pace with the inflation which Governments seem unable to combat.’ Very little changes.

Pensions Archive Trust Director, Jane Marshall

https://pensionsarchive-org-uk.stackstaging.com/our-collections/

This article was first published in the July / August 2024 edition of Pensions Age magazine.