UK - Unions are holding a rally over the need for pension compulsion, retrospective compensation and greater choice in retirement.
The TUC-backed Pay for Pensions protest, which will take place on June 19 in London’s Trafalgar Square, will urge the government to “take radical action” to stem the pensions crisis.
Unions are calling for a new occupational pensions settlement based on compulsory contributions from employers and employees, compensation for those who have lost their pension savings and a move to greater flexibility rather than higher retirement ages.
The TUC is also calling for the basic state pension to be linked to earnings to provide a secure foundation for pension savings and urgent action to help women with lower pensions because of career breaks.
General secretary Brendan Barber said: “Politicians of all parties have yet to appreciate the depth of our pensions crisis and are avoiding the really radical action that is needed if large numbers of today’s workers are not to face poverty in retirement.”
“Fewer and fewer are members of good traditional occupational schemes, and pensions misselling, growing student debt and the high cost of housing have put people off making alternative arrangements.
The rally will begin on the Embankment by Temple tube station.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.