WRIC report claims private sector needs to do more for pensions

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WRIC report claims private sector needs to do more for pensions

Mon 1st Aug 2011

The Workplace Retirement Income Commission (WRIC) published its findings today (August 1st), claiming the current UK pensions system is "complex, costly and inefficient".

Highlighting how 14 million people out of the 23 million strong private sector workforce were not making adequate enough preparations for retirement, the commission's head Lord McFall argued for changes to the current private pension system.

Lord McFall said: "People need to get more bang for their buck, or they're not going to bother with a pension. Instead they'll end up spending today, ignoring tomorrow and scraping by in poverty on the state pension."

In response, Saga claimed that trust had been undermined in pensions due to scandals and that many people still failed to see pension schemes as important because of the lack of instant return.

The report called for greater consideration of the various pension schemes private sector employees were forced to take out, making the funds difficult to manage and susceptible to charges.

It also recommended increases in compulsory pensions contributions - something the Confederation of British Industry chose to disagree with, claiming it was not the right answer to the current crisis.

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