The British government proposed simplification of pensions legislation and taxation, an overhaul of the national pensions regulator and establishment of a commission of inquiry into whether Britons should be forced to save for retirement, as part of the much-awaited green paper released today in London.
Andrew Smith, secretary of state for work and pensions, told Britain's House of Commons that he appointed Adair Turner, vice chairman of Merrill Lynch Holdings, to head the inquiry. "The pensions system in Britain has historically been a labyrinth of complexity. This paper paves the way for simplicity and security of pensions," Mr. Smith said.
Mr. Smith also proposed measures to boost the protection of workers' pensions in cases of fraud or sponsor bankruptcy and promised to review the uptake of Paul Myners' recommendations on investment among pension schemes in March 2003.