Pension reform 'should lead to more choice and innovation'
Employers need government support if occupational pension provision is to survive, according to an expert.
Speaking to senior industry figures at a recent dinner event, the chairman of the Association of Consulting Actuaries, Ian Farr, said that the government must back radical reform measures to renew employers' enthusiasm.
Without government intervention and reform, said Mr Farr, pension provision would wither, especially if the personal accounts regime goes ahead alone.
"There is a real opportunity for government to re-energise the provision of employer sponsored occupational pension schemes in the UK by providing a new third way," said Mr Farr.
His comments were supported by BCI deputy director-general , John Cridland, who said that more choice and innovation were needed in occupational provision.
Innovation will need to encompass public sector pensions, he went on to say, where the government has to seek with greater determination a sustainable new settlement that is seen to be fair to taxpayers and private sector employees.
The Department for Work and Pensions recently announced that it had received 60 submissions from organisations in response to the personal accounts consultation.
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