Will the switch to the points-based system mean a reduction in pensions?

Many voices are speaking out against the reform proposal and the reduction in pension levels it could lead to. These criticisms appear well-founded, given that the proposed structural reform is accompanied by an objective to reduce pension expenditure (see the IPP blog post analysing the impact assessment). However, the debate surrounding pension levels is largely shaped by two assumptions, which we challenge in this article: that pension levels would inevitably fall under a points-based system, whilst the current system maintains entitlements at their current level.