The Confederation of British Industry recently released a document containing proposals for overhauling the pensions system. The Government immediately rejected the main areas.
The CBI offered 22 proposals including compulsory employee and employer contributions, automatic entry to pension schemes, financial education in schools and lighter regulation. The main point was an increase in State retirement age to 70 from 65 although they also called for a certain amount of free advice to individuals and employers.
Our View
The CBI has not won any friends over their proposals. The Government has rejected the proposals and we are sure that most people reading this article would rather be retiring at 65 and not 70. The Government is already heavily into pension reform and it seems like every organisation under the sun wants to get in on the action with their own proposals.
Whilst the Government should listen and digest, rather than reject the comments of others, it can only make the task harder and more drawn out.