Pensions are a complicated subject, but my purpose in this chapter is simple. I want to argue that the present pension provisions in Britain cannot guarantee an adequate minimum standard of income in old age, and that, unless there is a change in policy, particularly with regard to state pensions, then the problem of poverty in old age is likely to remain with us. The story line is revealed right at the start, so that when I get into the details of pension schemes, or Income Support, or of my alternative proposals, you know where the discussion is leading.

The future of pensions has, of course, recently been much debated. The newspapers have been full of the subject and there have been a series of television documentaries. In my view, however, the focus of much of this debate has been wrong. The point of departure has been the government budget deficit and the claim that Welfare State spending is out of control. An atmosphere has been created in which pension provision is seen as a burden on the economy and as a threat to our future. This has led to a debate which is overly negative, and which fails to take a balanced view of the role of pensions in a modern society. Politicians appear too often to have lost sight of the purpose of pension provision, which is to assure the living standards of those in retirement.