Legal & General has warned ‘blanket' compulsory savings for both individuals and employers would be an ‘inflexible' option as would create financial shortcomings for low and middle income workers who might have more pressing financial burdens.
The insurer's comments come in the light of yesterday's deadline from the Employer Task Force, seeking public comment and recommendations on the findings of the Pension Commissions in October last year. Instead, L&G is in favour of ‘soft compulsion’, which requires employers to offer to meet employee pension contributions, up to about 3% of salary. Such a ‘modest’ contribution would reach out in particular to individuals who are currently in great danger of under-providing for their retirement, argues the insurer. L&G also echoes the sentiments highlighted by the Employer Task Force, i...
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