State pension plans branded 'unaffordable and irresponsible'

The Institute for Economic Affairs (IEA) said the government should speed up the introduction of a later retirement age, the BBC reports. It also suggested a compulsory private pension scheme to replace the state pension. In response, the government said it had already brought in automatic enrolment. "While not compulsory, as people are free to opt out if they wish, it will mean millions more people will be saving for their retirement," a Department for Work and Pensions (DWP) spokesman told the BBC. The DWP added that it was already reforming state pension age to ensure it refl...