UK - The Policy Exchange has slammed the government on pensions, claiming its reforms lack ambition and personal accounts are a 'disaster waiting to happen'.
The report was written by Nicholas Hillman, fellow at the Policy Exchange and formerly a member of the Joint Working Group which advises the Government on pensions.
The report argued that it was possible to provide future pensioners with a more secure and prosperous retirement than will occur under the government's reforms.
It showed only 15% (3.4m) of private sector employees are now in defined benefit schemes and only 4% (0.9m) are in schemes still open to new members.
It also found fewer than one in four (24%) UK employees has a private pension as their main addition to the basic State Pension, down from 39% in 1991/92
Hillman said: "Over-regulation, rising longevity and extra costs have conspired to produce the perfect storm in pensions.
"Some of the government's reforms offer an improvement on the status quo. But they will make little difference to pensioners' incomes overall.
"There is next to nothing to encourage employers to provide generous pensions and personal accounts are a disaster waiting to happen because the implementation risks are so enormous.
"On top of this, the State Pension system will soon become even more complicated."
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