Compulsion will become a reality - Task Force

An Employer Task Force set up by the Government in 2003 to look at occupational pensions warned if ‘drastic solutions’ are not made - including compelling firms and workers to pay into occupational schemes - the stark reality facing the UK pension system will be rising taxes or facing compulsion. According to the Task Force employer attitudes have declined in the level of employer pension provision in the UK, as evidence suggests between half and two-thirds of final salary defined benefit (DB) schemes have now closed to new members, while the replacement schemes are largely defined cont...