Secretary for Work and Pensions Alan Johnson's all but admitted the government is to force employers to contribute to employees' pensions, The Daily Telegraph writes.
He also all but admitted means testing turns people off savings, the paper adds. The secretary points to evidence that where employer contributions hit 5%, takeup of occupational pensions hits 69%, against just 13% where no contributions are made. The Telegraph says the CBI has reiterated its stance against compulsion, making the point that it is not a viable solution where such forced payments might put a business out of business. MARSH & MCLENNAN, the world’s biggest insurance broker, is setting up a $250m compensation fund to pay customers it steered towards contracts that resul...
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