IOD calls for radical overhaul of pension system

In its report Roadmap for Retirement Reform 2009, the IOD says both the state and private system is in need of radical reform because it is overcomplicated and fails to take into account the ageing population. Consequently, the policy paper argues, pensioners and businesses have become disengaged from saving for retirement. "The UK's pension system, both state and private, is at present severely ill-equipped to deal with the longevity challenge and suffers from major problems," says the IOD. As part of a raft of measures to transform the system, the industry body says the state reti...