A review of Britain's pension system released today by Alan Pickering, former National Association of Pension Funds chairman, calls for simplification and greater flexibility in operating corporate pension schemes, recommendations designed to reverse the flood of U.K. companies closing their final salary schemes.
Other proposals from the review include creating a new pensions regulator with greater powers, and providing more simplified information to scheme members.
"This will go some way to relieving the despair felt by many employers who provide occupational pensions for their staff," said Tim Keogh, European partner at Mercer Human Resource Consulting. He added, however, that "Pickering's proposals, while helpful, fall short of the radical changes that are needed."
