The Conservatives were due to outline their election policy on pensions. Having already made a strong pitch for the grey vote, the opposition chief Michael Howard is hoping to extend his reach to the baby boom generation coming up for retirement and to younger people beginning to worry about their finances as concern mounts over Britain's savings black hole.

On top of its council tax commitments, the party is promising to restore the link between the basic state pension and earnings, rather than prices, worth £11 per week to all pensioners, replacing the state second pension.

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