Government reveals ideas to reinvigorate workplace pensions
Despite significant reform of the UK pensions system, the
Government is concerned that people are still not saving enough towards their
retirement. It has therefore issued a strategy paper considering how to
reinvigorate workplace pensions and rebuild trust and confidence in pensions. We
examine its main proposals.Next steps
- Concerned about the dual effects of an ageing population and the
reluctance of working-age people to save for retirement, the Department
for Work and Pensions has published a strategy document examining the
key issues that need to be tackled to reinvigorate workplace pensions.
- The paper looks at the case for a new type of pension arrangement
which it labels "defined ambition", which would create scope for greater
sharing of risks under pension schemes.