Recent discussions on the pension review have led me to try to elaborate on my thoughts on how a proper pension should be set up.

Pension contributions should be split 50/50 between employer and employee and every employer should be required by law to pay into this plan.

A plan should follow a person for life. This plan should be set to be contributed into by each and every employer who this one individual works for from their very first job. The contribution should be such that if the person was to work that job from ages 20 to 65 the pension would pay out 100% wages till the persons death.

All pension plans as well should include full dental and medical coverage as a person of advanced years should not be worrying about these expenses.

Plans also should include a reduced rate option for those who choose to retire early and should include the option for employees to top up their plans themselves to allow for better benefits at the time they choose to retire.

This type of universal pension is what is needed now that it is becoming less and less common for the average person to work for a single company for long enough to earn a full pension.