UK - The pensions system cannot be reformed effectively unless it is removed from the political battlefield, the Pensions Management Institute claims.
President Roger Cobley said the Pensions Commission’s report demonstrated that many aspects of the UK pensions system were unsustainable.
He added: “Now is the time to sever the link between pensions and politics, as only then can people plan for the future with confidence.”
Meanwhile, former Labour and Conservative ministers have urged the government to ensure the Pensions Commission makes its recommendations before the next general election.
Labour backbencher Frank Field - a former welfare minister - said the second stage of the report should be brought forward to February so that all political parties could study the proposals and shape their election manifestos accordingly.
Former Tory chancellor Kenneth Clarke agreed.
“The government cannot put the report on the desk just before an election and say to the public: “We will decide our response to the report after the electioní.”
However, pensions minister Malcolm Wicks insisted the government would “not jump to rash conclusions before the commission has completed its work and published its report next year”.
Ex-BHS owner Dominic Chappell has been ordered to pay a total of £87,000 in fines and court costs after he was found guilty of failing to provide The Pensions Regulator (TPR) with information.
The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
Nearly a third (32%) of employers believe new technologies, such as augmented and virtual reality, will play a part in benefits communications, latest research from Aon Employee Benefits reveals.