Briefing Note 3 - Future Government spending on pensions
Successive pension policy reforms over the last 20 years have reduced the average state pension benefit. Reforms since 1997 such as the introduction of State Second Pension (S2P) and Pension Credit (PC) have been designed to make targeted benefits more generous. This is part of the current Government strategy to constrain state spending on pensions to around 5% of GDP, target spending on low income pensioners and encourage voluntary saving.
This Briefing Note explores how much the Government spend, and how this will change in the future. It also looks at how certain projections are.
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