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 Royal Society of Arts (RSA) has reignited the debate on the introduction of flat-rate pensions tax relief - saying a 30% flat rate would be progressive, cost-neutral and leave three-quarters of earners better off.
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