At the recent Labour Party Conference , Prime Minister Tony Blair made a speech that was widely interpreted as support for scrapping the second state pension and promoting Adair Turners' ideas for a centrally administered funded second tier pension.
Mr Blair said 'There will be a proper basic state pension and, alongside it, because in the modern world the state cannot provide it all, a simple easy way for people to save and to reap the rewards of their saving'.
Political observers believe that he aimed to address the pension crisis before he makes way for Gordon Brown.
Our view
The Pensions Crisis is back on the agenda it would appear. Reading between the lines, we suggest that a compulsory second tier pension is on its way.
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