Pension plan welcomed

CALLS from a major business body to protect workers’ pensions are being addressed by new government proposals.

The pensions regulator wants higher standards for running defined contribution pension schemes, which operate by members accumulating a pot of money to buy a pension when they retire. New guidelines have been issued which aim to improve the current system.

The Confederation of British Industry said the best form of protection for employees’ benefits was a thriving solvent employer. Neil Carberry, CBI director for employment and skills, added: “Injecting economics into what up until now has been a purely actuarial debate will increase business confidence, allowing more investment in growth and jobs. We’re pleased the Government has listened to the CBI on this.”