UK - Pensions advisory service, OPAS, has applauded the government for taking up the issue of public confidence in pensions.
It pointed out that confidence in pensions was “going downhill fast” prior to the proposals.
Chief executive Malcolm McLean said: “I am pleased with proposals and disappointed that more people aren’t.
“The government has addressed the question of security of members, which was paramount.”
And he challenged the government’s opponents to come up with alternative suggestions.
However, McLean admitted that the government did fail to address two key issues.
He said: “I would have liked to have seen more support for employers through a tax system to encourage them to run DB schemes.
“And it would have been nice if the government agreed to underwrite or support the protection fund.
“They are setting the insurance scheme up, but it is not clear what will happen if a major company goes under and all the resources go on that scheme.”
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