UK - Trade unions praised some of the CBI's "radical proposals" but criticised its recommendation to raise the state pension age to 70.
Employers were also criticised for rejecting the unions’ call for compulsory employer/ employee contributions.
But the Chartered Institute of Personnel Development backed the CBI’s proposal of an increase in the state pension to age 70 but claimed the report offered little to counter inevitable criticisms that their solution will lead to backwards steps in efforts to tackle pensioner poverty.”
The government has rejected the CBI’s call to raise the state pension age.
Its says that this would have the heaviest impact upon the low paid, many of whom had lower life expectancies. Instead it wants to encourage greater choice over retirement ages
Partner Insight: Members' evolving needs and expectations are driving changes in scheme administration. As the pensions landscape inevitably continues to change, how will your scheme's approach need to develop to keep pace?
The Pensions Regulator (TPR) is "working closely" with government contractor Interserve and the trustees of its defined benefit (DB) pension schemes, it has confirmed.
The industry has welcomed the Department for Work and Pensions' (DWP) consultation on defined benefit (DB) consolidation as a way to address scheme covenant issues.
BMO Global Asset Management has opened a UK fiduciary management business, promising a "truly open architecture" approach to deliver "better client outcomes".