A leading UK pension provider has suggested that British businesses still believe that compulsory saving is the most effective way to get people to prepare for retirement pension.
The Winterthur Business UK Pension Report also reveals that firms think more tax breaks can help solve the pension crisis.
Automatic enrolment in company pension schemes, which is only being used by 15 per cent of organisations, is the most widely acclaimed solution to the perceived crisis in the UK pension system, according to the report.
Mike Kellard, chief executive officer of Winterthur Life, says the government has said that any pension reform should promote personal responsibility, while being fair, affordable, simple and sustainable.
He says the company's report highlights that with more support, the current occupational pension scheme infrastructure sustains many of the government's key objectives.
Mr Kellard adds that a "low cost solution" containing "some of the most beneficial parts from the Turner Report" could be offered through a combination of automatic enrolment, employer contributions, better employee communications and greater incentives for both employers and employees.
The report reveals that the majority of businesses believe the responsibility for financial security in retirement pension lies mainly with individuals.
They also believe that government should be held responsible for the financial education of employees.
Winterthur Life is one of the leading providers of single premium personal pensions, trustee investment plans and corporate pensions.
Compulsory saving good for retirement pension, report says
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Compulsory saving good for retirement pension, report says
Mon, 13 Feb 2006
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