The head of the Pensions Commission, Adair Turner, has given his strongest indication yet that he will recommend an increase in the retirement age and compulsory pension provision when he publishes his final report on 30 November.
Speaking at the Trades Union Congress annual Conference in Brighton this morning, Turner highlighted problems with the Australian model of compulsory pensions, which John Lawson, marketing technical manger at Standard Life, says hints at Turner’s desire to introduce a compulsory pensions scheme similar to that in Sweden. “I think what Turner is aiming at is some for of compulsion base on the Swedish model. The rumours flying around the industry at the moment suggest he is going to propose an increase in employers National Insurance contributions of around 2 to 3% which would then be paid ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
