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The well-intentioned introduction of pension credit to target state pension spending only on the poorest pensioners has disincentivised many people from saving in private pensions altogether.
Savers have withdrawn almost £6bn from their retirement funds after the introduction of pension reforms last year.
By painstaking negotiation, the SPD's left wing has succeeded in both delaying the introduction of pension reforms and winning concessions on the treatment of the long-term unemployed.
There has been much talk about the risk of the introduction of pension freedoms fuelling a buy-to-let boom that could further entrench Generation Rent in a life of instability.
An independent survey commissioned by the Observer in conjunction with insurer LV=, on the first anniversary of the introduction of pension freedoms, reveals that only one in five of those within five years of retirement plans to take paid-for, regulated financial advice.
The introduction of pension programs both decreases fertility and, subsequently, puts the sustainability of the welfare state in trouble.
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The introduction of pensions for those aged over 70 in 1908 did not result in a reduction in the number of elderly housed in workhouses, but it did reduce the number of those on outdoor relief by 25 per cent.
Our own history of social policy and protection, with the introduction of pensions and allowances, demonstrates the importance of these instruments in responding to household and child poverty".
Next year will see the introduction of the pension credit, which will provide means-tested benefits to half of all pensioners.
They played a key role in the introduction of a pension fund for borrowers, life insurance for borrowers' husbands and higher education loans for children, Nurjahan noted.
By 2003-04, the gap between the MIG and the basic pension will widen still further to £100 and £77 a week respectively.The second stage in Labour's new plan is the introduction of a pension savings credit in 2003-04.
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