EU measures 'causing pension worry for firms'

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EU measures 'causing pension worry for firms'

Mon 12th Dec 2011

The CBI has revealed that pension contributions for firms across the eurozone are becoming more of a worry under new proposed regulations from the EU.

Figures compiled in the latest CBI/Towers Watson Pensions Survey have revealed that 69 per cent of business leaders are presently concerned regarding EU enforcements of higher deficit payments over a shorter period than they had expected.

"The eurozone crisis underlines how unforeseen events can increase the cost of pensions promised in the past. For employers, the focus is now on locking these costs down," commented John Ball, head of UK pensions consulting at Towers Watson.

Meanwhile, charity group Age UK recently outlined possible difficulties arising as a result of the Reform Bill.

It highlighted that for older couples where one partner is retired and the other is not in employment, pension payouts could be as much as £100 per week lower under the new system than was the case in the past.

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