UK - The National Association of Pension Funds (NAPF) has called on the government to introduce measures to help firms reduce scheme liabilities.
She added the NAPF would be willing to help the government come up with such measures.
In January, the NAPF published an action plan, which called on government to introduce measures to give schemes flexibility in setting their scheme rules on the key issues of retirement ages and indexation and allow them to extend funding recovery periods.
NAPF chief executive Joanne Segars told delegates: "We need to think about what alternatives these troubled schemes have. It is a balance we are striving for between having a Rolls Royce defined benefit scheme or a Volvo."
Segars cited Marks & Spencer - which said it would cap employees' annual increases in pensionable pay and change early retirement benefits in a bid to cut costs earlier this year [ITAL](PP Online, January 7)[/ITAL] - as one such firm that had taken such action to keep its scheme alive.
Segars also said the UK should move towards optional indexation - and to give employees the option to buy indexation or not.
She said a OECD review of pension systems revealed the UK was one of the only countries with mandatory indexation - and this should be reconsidered.
Despite this, one delegate - who said he had been a trustee for 35 years - said he was "horrified" by the proposals as he remembered how high inflation had decimated savings.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.
More than half of people over the age of 55 see financial security as a top priority in retirement, yet a third allocate more time to buying a new car, finds Legal & General (L&G) research.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).