UK - The government is failing to deal with the pensions crisis by merely "tinkering" with current legislation instead of introducing necessary radical reforms.
Speaking at the recent NAPF conference, Glasgow, incoming benefits council chairman Rhoslyn Roberts urged the government to overhaul the state system, give employers “concrete financial incentives” and introduce radical reforms so that firms can operate schemes best suited to the members’ and employers’ circumstances.
Roberts – who is also BBC head of pensions – said: “The NAPF is really disappointed that the government is not looking at state pension or S2P, and the view here is that we really should abolish contracting-out and looking for a higher pension age.
“The DWP’s proposals are helpful but they are only tinkering.
“It helps, but radicalism is better. Pickering is right to have more emphasis on flexibility, so that employers can operate schemes that best suit their circumstances.
“Decent workplace pensions will strengthen the pensions framework and make the UK a better place in which to grow old.”
She added that the government must find a “fair balance” to ensure that while employees’ pensions are protected, it comes at an affordable cost to their plan sponsors.
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.