Pensions Commission consults on pensions crisis

The Pensions Commission is consulting on actions that could be taken to address the worsening pensions crisis. The closing date for responses is 31 January 2005.

The proposals are set out in the first report of the Pension Commission, which calls for 'a planned and comprehensive policy' focused on the long-term stability of the pensions system to counter the effects of demographic change and inadequate savings.

Four options for future action on pensions are outlined. The Commission argues that "some combination of higher taxes/ National Insurance contributions, higher savings and/or later average retirement age will be required".

The Commission is undertaking a consultation exercise, with a deadline of 31 January 2005. The Commission's second report, which will include policy recommendations, is scheduled for publication in Autumn 2005.

  • Pensions: Challenges and Choices  
    • Read the full report, as published on the Pensions Commission website.

  • TUC calls for compulsory savings to plug hole in pensions provision
    • , Stark choice for UK's ageing workforce and Pensions report 'shatters illusion of a magic solution'    Personneltoday.com rounds reactions to the report.

  • Commission's first report
    •         IRS journal Occupational Pensions presents an in-depth analysis of the report.

    Also

    Blair feels the pensions strain and HR may hold the key to solving pensions crisis   Personnel Today reports on the initial impact of the report.

    New pensions minister faces an uphill struggle   Personnel Today talks to new pensions minister Alan Johnson, and weighs up the options open to him to help resolve the current pensions crisis.

    CBI pensions strategy calls for retirement at 70   XpertHR presents a selection of article links relating to the CBI's 22-point action plan to tackle the pensions crisis.