UK - Pension experts and politicians have lambasted the Chancellor's pre-Budget as a "disappointment" and a "missed opportunity".
In the report, Gordon Brown committed himself to keeping lump sum payments and revealed that the green paper on pensions would be published on December 17. But many believe he should have introduced reforms aimed at solving the pensions crisis.
NAPF chairman Peter Thompson said: “We are disappointed that the Chancellor showed no indication of boosting tax incentives for occupational pension contributions either for employers or employees.”
And Mercer Human Resource Consulting said it was unlikely that the status quo would provide people with the incentive to save for retirement.
Mercer research actuary Paul Greenwood said: “We would like to see the government go much further in its proposals and take positive action to reform the pensions system.
“The green paper will be the real measure of how seriously the government is taking the issue.”
Opposition MPs also thought that the report should have given much more of an indication of future pension reform.
Liberal Democrat work and pensions spokesman Steve Webb said: “The Chancellor has missed an opportunity to make an immediate and radical change to pension provision.
“At the very least the Chancellor should have changed the tax laws to allow people to work part-time while drawing part of their current company pension. By doing nothing, the Chancellor has left many people trapped in an inflexible system.”
Conservative work and pensions spokesman David Willetts added: “The pre-Budget report was a great disappointment to the millions of people who are waiting for the government’s solution to the pensions crisis.
“We can be sure that if Gordon Brown had worked out what to do about the collapse in funded pensions saving, he would have announced it.
“As it is, we must wait until just before Christmas for the delayed pensions green paper.”
Industry experts are calling on the government to act quickly on new pensions dashboard legislation. The DWP is looking at how to do it amid Brexit constraints, writes Kim Kaveh.
An interactive and hands-free technology that allows savers to track how much they have invested into their retirement pots has been launched by Smart Pension.
The Lighthouse Pensions Trust has recorded an 84% surge in the number of employers signed up to its auto-enrolment (AE) provision.
Melrose Industries's UK defined benefit (DB) schemes had a £5.5m combined deficit at the end of 2016, its annual results have revealed.