State pension plans: Ferrari for Christmas or coal-filled stocking?

by Simon Bottery, Director of Fundraising, Policy and Communications

Everyone can have a Ferarri for Christmas because Santa's going to be more efficient with his elves: this is what we are supposed to believe about the coalition's apparent plans on the state pension. The idea that a higher pension for all can be achieved simply by getting rid of the costs of administering pension credit is, like Santa (look away children), a fantasy. Pension credit may be expensive to administer at around £50 per person, per year, but that amount of saving will barely get you a tank of petrol, let alone a supercar. Clearly the extra money for the superpension has to come from somewhere and until we know where we should avoid the temptation to look for garage space for that Ferrari. Almost as interesting is the question of who gave the story to the Daily Mail last Monday? Lib Dems in an attempt to spread some pre-Christmas cheer (the superpension is the brainchild of LibDem pensions minister Steve Webb)? Or Tories in an attempt to prevent it?