TUC presses for compulsory pensions
The TUC today stepped up its calls for compulsory pensions contributions as the best way to solve Britain’s growing UK pensions crisis.
It attacked what it termed the “top ten myths” that people use to criticise the idea of forcing employers and employees to save.
The Turner Commission suggested four options to cut the current pensions gap – letting pensioners become poorer; increasing taxes; increasing savings; or increasing the retirement age.
The latter has faced strong opposition from unions and today the TUC reiterated its call for compulsory contributions by rejecting claims that it would prove more expensive than a voluntary system.
“People at work today are not saving enough. All the voluntary approaches to shift the responsibility from government and employers onto individuals have failed,” said general secretary Brendan Barber.
Mick McAteer of Which? backed the TUC’s call, saying compulsion was the fairest method of ensuring a sustainable pension system in the UK.
