Individuals Should Bear Pensions Risk
Pension Commission boss says individuals should pay for longer life expectancy, not the taxpayer or companies
13th May 2005
Adair Turner, the head of the Pensions Commission, has said that individuals should bear the bear the pension risk of increased life expectancy, not companies or the taxpayer.
Around 12 million people have inadequate pension provision, the committee estimates, and Mr Turner said the the current situation of 'muddling through' was no longer an option.
The Pensions Committee is working on a report detailing reform options for the UK pension system, which will be published in autumn. It's likely that it will recommend a mixture of higher taxes, more savings and a higher retirement age, and the minister responsible, David Blunkett, has said that all options remain open pending the report's findings.
Read More: BBC Report
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