UK - More than one fifth of companies may have to get rid of staff if compulsory employer pension contributions are brought in according to a survey conducted by the British Chambers of Commerce (BCC).
A BCC delegation, led by director general, David Frost are to meet with Tony Blair today to highlight this and other concerns over the effect pension reform could have on the private sector as a whole.
A spokesperson for the BCC said: “The BCC are concerned the private sector, at the moment, is picking up the tab [for pensions] and it could get worse for private sector members.”
A slow down in the economy has also caused concern for the BCC who feels extra red-tape will burden companies.
The spokesperson said the BCC is also “acutely aware” the deadline for the Pension Commission report on UK pension reform, led by Adair Turner, is not far away and is keen for Blair to put these issues on his agenda before it is too late.
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).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers