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Workers 'must engage with pensions'

In order to boost people's retirement savings, more employee engagement will be required rather than "top-down solutions", according to an expert from the CBI.

Neil Carberry, the organisation's director for employment, said simpler rules would also help to support the development of a savings culture in the UK, along with less restrictive scheme designs.

Discussing proposals contained in the Workplace Retirement Income Commission's new private sector pension report, he noted that certain helpful recommendations are contained within it.

However, Mr Carberry added: "The commission's proposal to consider increasing the minimum compulsory pension contribution in 2017 is not the right answer.

"Further increases in the minimum contribution would put employers and employees under even greater financial pressure, and may drive people away from pension saving altogether."

The commission's report called for urgent improvements to be made to the country's existing pension system.

Copyright © Press Association 2011

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