16 April 2010
Where next for Pension Reform? How can we Encourage People to Save?
During the dinner debate, participants considered:
* Should we see further increases to the state pension age (beyond that which is currently happening)?
* What can we learn from behavioural economics in terms of encouraging people to save?
* What is the role for NEST and how can we support its introduction?
* Where next for Pension reform?
* What are the challenges and opportunities for a new Government?
Following the debate, the ILC-UK has published a new policy paper 'Where next for pension reform? How can we encourage people to save?(3) which, amongst other things calls on a future Government to:
* Support employers in providing advice to employees
* Work with all stakeholders together to attack the continuing problem of pensioner poverty.
* Explore the case for extending matched saving either as an addition to or replacement for tax relief (up to a certain limit).
* Take steps to deliver a ‘decent’ universal state pension
* Ensure individuals have access to impartial and accurate information and advice.
* Create a Permanent Independent Pensions Commission
* Abolish the Default Retirement Age so as to remove a barrier to older people working longer.
* Support a regulatory environment which supports successful decumulation
* Deliver pension reform which works as a solution for all generations and does not result in intergenerational unfairness.
Author: David Sinclair