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Employers are key for pension future

Industry figures believe that working in partnership with employers is the key to the future of pensions.

Aifa director general Paul Smee said employers have a key role to play in bolstering pension uptake and it is important they are given the feeling that they are part of the solution, which is dependent on incentives. Smee said: “If we do not engage employers in making pensions accessible in the workplace then there will be a gaping hole in the strategy.”

Scottish Widows head of marketing technical Ian Naismith told delegates that there is a need for tax incentives or a move to compulsion for employers to become more involved.

He speculated that there is a reasonable chance the Government could move to compulsion and is waiting for the right political moment to do so, which may be after the next election.

Bamford said: “The future for pensions in the UK is not good in my opinion. Public confidence is shot to pieces and it will take some time to return.”

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