State Pension should be replaced with a ‘Workplace ISA’, says thinktank

‘An influential right-wing thinktank, co-founded by Margaret Thatcher in 1974, has proposed that the State Pension be put into “run-off” and replaced with a Workplace ISA, whilst also means-testing other pensioner benefits.
In a new report published today, the Centre for Policy Studies (CPS) argue the current State Pension in “no longer fit for purpose” and should be replaced with both a Workplace ISA and a means-tested, residency-based “Senior Citizen’s Pension” (SCP).
Under the thinktanks’s proposals, no further ‘entitlements’ to State Pension would be accepted from 2020. Past ‘entitlements’ would continue to be honoured, as the “legacy State Pension”, but others would be expected to pay in to a Workplace ISA, with no access permitted until a person reaches 65 years of age.’
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