Miles Templement, director general of the Institute of Directors (IoD) has put the pensions crisis at the top of the organisation's priority list this year.
In a New Year's message to 55,000 IoD members, Templeman has urged employers, employees and the government to work together to tackle the problem.
Templeman says the IoD is keen to take a leading role in finding a solution to the pension crisis through consultation and dialogue.
He says a starting point for any reform in pensions policy is simplification, citing a hideously complicated current system in need of transparency, which should be understood by everyone.
Templeman also stresses a ‘savings renaissance’ in the UK, with the ultimate future of pensions up to individuals, adding that the role of Government should be to make some difficult choices in deciding on the retirement age and the generosity of any state pension.
“Businesses do not want to see the overall tax burden rise. Indeed, there is a good argument that the current tax burden is one of the reasons why individuals and businesses cannot save more into pensions," he said.IFAonline
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