UK - Pensioners are destined to live in poverty unless the government takes "drastic action" to rebuild confidence in funded pensions, Tories warn.
Conservative work and pensions spokesman David Willetts told the Claybrook Pensions Software Forum the only way to redress the current situation was to tackle the onerous burden of regulation and the “continued confusion” surrounding means-testing.
Willetts added: “Looking at current forecasts, it is impossible for future retirees to live on the pensions presently being provided.
“Unless we take action to rebuild our funded pension saving, there will be enormous pressure for higher state benefits for pensioners. We need to encourage people to save more or to recognise that public expenditure plans are pie in the sky.”
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.