IoD calls for retirement age to raise to 70

An end to means testing for the state pension and closing ‘gold plated’ public sector pension schemes should also make up any solution to the looming crisis, the Institute of Directors (IoD) says. It also highlights the need for a radical transformation in the pension system in order to produce what, it says, will be a simplified and durable regime for the 21st century. “Tinkering with the current system will not overcome the problems of complexity and pension under-saving. The impact of greater longevity, declining state pension adequacy, savings myopia, under-saving and non-saving pos...