The TUC has again called for compulsory pension savings to be included in Government plans alleviate the current pensions crisis.
In its submission response to the Pension Commission, the TUC believes that in order to achieve a decent retirement, individuals need to save as much as 15% of their salaries, adding new compulsory system should see employers contributing 10% with employees the remaining 5%. The trade body urges for a new compulsory savings regime to be operated by a group modelled in close fashion to the Low Pay Commission while incorporating unions, employer representatives and an independent brains trust. The TUC adds in order to fund a compulsory system would require a hybrid of defined benefit and ...
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