One of the most anticipated elements of Elizabeth II’s speech was the pension reform. Soon, as in the Netherlands, British employees could use collective pension funds, which would minimize the risks. “My government’s pension reforms will also allow for innovation in the private pensions market to give greater control to employees, extend the ISA and Premium Bond schemes and abolish the savers’ ten pence tax rate,” the Queen declared, implying that the government was going to introduce a third way between the two existing systems – defined contributions, where employees pay contributions but don’t know the future amount of their pension, which depends on how the fund’s investment performs, and defined benefits, which now only covers a lucky few as these expensive systems are being shut down one after the other, which guarantees a rather comfortable amount.
Great Britain: government announces another pension reform and a war against excessive zero hours contracts
More defense of minimum wage, developing apprenticeship or even reforming pensions based on the Dutch system… in her traditional annual speech - which addresses the plans the coalition in power is going to carry through for the next year - given on June 4, Queen Elizabeth II promised that her government was going to spare itself on crucial cases for stakeholders in the employment sphere, in a country that aspires to become “the most attractive place to start, finance and grow a business.”
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