UK - The Pension Commission is delaying publication of its first report into the industry to prevent it being embroiled in party politics.
The report will be ready in September but commission chairman Adair Turner (pictured) said publishing at that time would be inappropriate because all three major political parties hold their annual conferences then.
The commission has already stated that it will not publish its final report until after the next general election to prevent it being lost in party politics.
Turner told PP: “It is not considered reasonable to issue a major piece of public policy right in the middle of that. It is not useful for anybody – either the parties or anyone else.”
He said the commission would fine tune the report – which focuses on the effectiveness of the voluntary approach to provision – and publish it in mid-October.
Turner also said he had written to trade and industry secretary Patricia Hewitt to urge the government to scrap the retirement age of 65 or raise it to 70.
Turner said the commission had taken action now because the government was currently considering how to implement European Union anti-age discrimination legislation.
Tuner added: “We had to say something now or the opportunity to do so would be lost because the government has to make a decision within the next few months. “As a society we’re going to have to encourage people to work for longer as some do not have enough in their pension pots.
Additionally, the ratio of 20 to 65-year-olds to people that are 65-plus is 3.7 today and will fall to 2.4 in 2030. So if we don’t work longer, there’s going to be a bigger burden on the working population.”
Mercer Human Resource Consulting senior research actuary Deborah Cooper agreed.
“Both employers and employees could benefit from the freedom to work longer. Employees can continue to contribute to the workforce and build up their pension fund, and companies gain from the retention of valuable skills and experience.”
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