Willets calls for pension burden to be soclised- papers 18th Oct

In what he stressed was a personal contribution to the debate, he proposed Britain should follow the example of Japan and allow companies to pay the government to take over responsibility for at least £50bn of their accumulated pension obligations, says the paper. The State would accept an up-front payment from firms which wanted to rid themselves of the need to pay the contracted-out guaranteed minimum pension - the corporate version of the state second pension - which would come from government coffers. With the report on individual pensions from Adair Turner out next month, Willetts sa...