Pensions Green Paper will fail to tackle £2.7bn savings shortfall

first_imgPensions Green Paper will fail to tackle £2.7bn savings shortfallOn 7 Jan 2003 in Personnel Today Previous Article Next Article The Government’s pensions Green Paper will do little to combat the £27bnsavings shortfall, warn employment specialists. The document, published just before Christmas, outlines government plans tosimplify occupational pensions to cut costs for employers, simplify the taxregime for pensions and allow people to work while receiving their occupationalpension. But, the Work Foundation is not convinced the proposals will help to closethe gap between what pensions are worth and what people will need to save fortheir old age. A spokesman called for greater protection for people in finalsalary pensions. The foundation wants people who work beyond 65 to be given rights for unfairdismissal and redundancy prior to 2006’s age discrimination legislation. The TUC, Unison and Amicus are disappointed the document does not seek tomake employers’ pension contributions compulsory. The TUC’s Brendan Barbersaid: “The case for compulsion is now overwhelming.” Mercer Human Resource Consulting and Towers Perrin criticised the documentbecause it lacks detail and involves lengthy consultation before any of itsproposals are introduced. Comments are closed. Related posts:No related photos.last_img read more