UK - An independent pensions authority must be set up to supervise relationships between employers, employees and the government, according to Help the Aged.
The pressure group believes a new independent pension authority could simplify the array of occupational and personal pensions and fix contribution rates for employers and employees so that an average working life produces a second pension worth about 35% of average earnings.
It adds that the authority should undertake ongoing research into an appropriate level for a decent, basic state pension – which Help the Aged believes would be 25%.
Head of public affairs Mervyn Kohler said: “It is time to get real about pensions. The issue has become too important to be left to politicians, individuals, employers or the industry.”
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Employers whose dividend to deficit recovery contribution (DRCs) ratios fall outside the "normal range" should expect to see higher regulatory scrutiny, although no fixed ratio will be set.
Investment consultants and fiduciary managers should expect a final decision on the investigation into the market to be published by the end of the year, the competition watchdog says.