CBI applauds new retirement calculator system
www.moneynews.co.uk > Retirement calculator > CBI applauds new retirement calculator system
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CBI applauds new retirement calculator system
Tue 5th Apr 2011
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Responding to the Green Paper released by the coalition this week, chief policy director at the organisation Katja Hall suggested that politicians are right to carry out a consultation on state retirement age.
In her view, people will need to work for longer as a result of increased life expectancy.
She added: "Simplifying the state pension is good news, as people will get their pension without the bureaucracy of a two-tier system and means testing."
Ms Hall went on to claim that the decision to abolish the contracting-out rebate in defined benefit schemes has led to a funding gap when it comes to paying out final salary pensions.
The CBI was not the only industry body to respond positively to the government document, with The Actuarial Profession also praising the decision to opt for a fairer state pension system.
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