Professional Pensions | 03 Jul 2009 | 11:17
Lord Turner believes his influential Pension Commission report was not radical enough and the state retirement age should be raised to 70.
Turner said he would argue for the retirement age to be raised more quickly and also suggested public sector workers should move to more flexible pension arrangements - rather than defined benefit schemes.
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His report, released in 2005, has shaped government pensions policy. In an interview with the BBC, he said at the time arguments were made that the pension age should go up to 70 by 2030.
However, present plans will see the state pension age for men and women rise to 66 in 2024, to 67 in 2034 and 68 in 2044. The rises will be phased-in over two years.
Turner said: "If I was redoing my report I would be more radical, arguing for an even faster increase in the state pension age."
Other recommendations from the commission have become pension policy, including the introduction of auto-enrolment and personal accounts.
Turner said public sector workers, unions and employers would have to face up to have pensions based on average career salary - not final salary.
He said: "We have to make it sustainable and we have to make it fair. I think it should move to average salary from final salary."
A department for work and pensions spokesman said pension reforms currently underway would "fundamentally change" the pensions landscape in the future.
He said: "As recommended by Adair Turner's Pension Commission, from 2012 automatic enrolment into occupational pension schemes alongside the creation of personal accounts will give up to 11 million workers the chance to save in a pension with a contribution from their employer for the first time.
"Our bold changes to the state pension system respond to the demographic changes in society. They will ensure the state pension system is sustainable and affordable for the future."
The spokesman added: "We have also taken steps to reform public sector pensions to ensure they are affordable into the future. These include ensuring new entrants to the civil service enjoying a pension based on a career average and a retirement age of 65."
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