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
This week's edition of Professional Pensions is out now.
Laytons partner Jennie Kreser speaks of her concerns over pension outcomes.
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Auto-enrolment (AE) minimum contribution rates could rise to 12% by 2030, with a 50/50 split between employer and employee, the Pensions and Lifetime Savings Association (PLSA) says.