UK - The government would consider forcing people to save into a pension plan if the voluntary route failed, Labour Party conference delegates heard.
Economic secretary to the Treasury Ruth Kelly told a fringe meeting that it was vital people saved more for their future and hoped this could be achieved through a campaign of education and persuasion.
But Kelly warned that if workers would not save voluntarily then the government would have to consider compulsion.
She added that moves towards compulsion would be examined by the independent Pensions Commission – which would report after the next general election.
Chancellor Gordon Brown confirmed that legislation would be introduced to establish a pension protection fund.
Brown said: “In future every worker contributing to a pension will have their pension protected and be guaranteed their pension rights.”
And deputy prime minister John Prescott hit out against massive council tax hikes – needed, in part, to fund soaring council pension deficits of £30bn.
He warned that councils which try to get away with 50% increases in future could be capped.
Prescott noted: “I did retain reserve capping powers and I will, if necessary, use them in a targeted way on those councils that make unreasonably large council tax rises.”
Kim Gubler says it is time that schemes and administrators reassess SLAs and look at what real people need from their pension schemes and when
The Pensions Regulator (TPR) is focusing on reducing the number of "poorly-run" schemes as it seeks to improve standards across the board.
Prudential Retirement has completed around $2.6bn (£2bn) of reinsurance contracts for UK pension scheme longevity risk since the start of the year, it has disclosed.
Funding standards for DB schemes have increased exponentially over the past decades. Con Keating says such significant overstatement of liabilities will lead to pushback through the courts.