Immigration is Good for Your Pension

According to the National Institute of Economic and Social Research a Brexit cap on immigration would mean bad news for the State Pension

Emma Wall 3 June, 2016 | 12:23PM
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Immigration is an emotive issue. Both sides of the Brexit debate have used the number of migrants coming every year to Britain as a battering ram – with the Remain campaign claiming the flow of workers helps prop up the British economy, and the Leave campaign claiming immigrants are a drain on the already-strained public purse.

The latest report from the National Institute of Economic and Social Research (NIESR) weighs in on the side of Remain, claiming that a cap on immigration would mean bad news for the State Pension. In a report commissioned by the Institute and Faculty of Actuaries (IFoA) entitled ‘The Impact of Possible Migration Scenarios after ‘Brexit’ on the State Pension System’, the institute finds:

“Reductions in immigration would have a negative impact on the public finances.  To offset these impacts policy change in the form of increases in national insurance contributions, reductions in pensioner benefits, or increases in the state pension age could be used.  More restrictive immigration policies would, not surprisingly, have more negative impacts.”

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Emma Wall  is former Senior International Editor for Morningstar

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