Magazine article Public Finance

Blunkett Reopens Pension Debate

Magazine article Public Finance

Blunkett Reopens Pension Debate

Article excerpt

David Blunkett would face stern opposition from businesses if he introduced compulsory savings in response to the escalating retirement crisis, experts have warned.

The National Association of Pension Funds, which represents employers managing retirement assets, told Public Finance it was opposed to moves to compel the public or businesses to pay into pension pots, despite signs from Whitehall that the option could be considered.

Blunkett reopened the debate over retirement savings soon after being appointed secretary of state for work and pensions. Asked by the BBC on May 8 whether he would consider compelling workers to save for their retirement, he said: I made it clear when I talked to the prime minister.. .that there are no off-limits here. We have got to be able to address quickly and decisively where we are going.'

Blunkett s statement does not commit him to compulsion, but is the strongest indication yet that the government could force people to save in order to overcome a £40bn annual national shortfall in pension savings.

Blunkett this week met Adair Turner, the chair of the government's Pensions Commission, to discuss government strategy. …

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