UK -The government's priorities for pensions are unclear and are storing up problems for the future, a hard-hitting report by the Pensions Policy Institute warns.
The independent research organisation’s report – The Pensions Landscape – says the responsibilities of the state, employers and individuals remain largely undefined and this is hindering efforts to get people to save more.
PPI director Alison O’Connell explained: “The Green Paper identified useful initiatives to do with private savings and working patterns.
“But our analysis shows that we also need debate - and now - on what we want from state pensions in the future.”
Conservative work and pensions spokesman David Willetts said the report was “proof” that the government’s pensions policy had failed.
He added: “This is a powerful warning that the government must not ignore.
“The research highlights the crucial omission from the government’s Green Paper of any proposals to reform the state system.
“By extending means-testing and making the system far too complicated, the government has created new barriers to saving.”
Liberal Democrat spokesman for work and pensions Steve Webb added: “This is damning.
“There is no clearer sign that the government’s state pension policy is heading down the wrong road.”
He urged the introduction of compulsory pension saving as the only way to solve the pensions crisis.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.