Compulsory pensions to be set out next summer - papers 28th Sept

Delegates accepted voluntary second pensions were failing to provide for people in retirement and 21m have no savings so applauded plans for legislation to make takeup mandatory. However, the battle to win around employers now begins, as employers argue contributions at the level unions want — 10% of salary paid by companies and 5% by staff — would amount to a new tax. Johnson says he will not make the final decision on this matter until Adair Turner reports on pensions next summer – which is then likely to be conveniently after a general election. BELEAGUERED INSURER Equitable Li...