I have never understood why somebody - usually women bringing up children, so probably the most socially useful activity possible - should be penalised for perhaps thirty years in their retirement because they were unable to contribute more in National Insurance contributions during their working lifetime.
Reports today suggest the coalition is considering a universal pension at an increased level to the ninety seven-odd pounds per week currently paid to a single pensioner.
Although at an early stage, and unlikely to be introduced until after the next election, this is an initiative we should applaud. Along with a tapering of such pensions for anyone earning more than £44,000 in their retirement. £97 per week is around £5000 annually - pretty modest really.
Sorry Fred 'the shred' Goodwin, you're just going to have to make do with that £703,000.