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‘Nanny state approach to solving the crisis’

The Turner report is a “nanny state” approach to solving the UK pension crisis, says Positive Solutions chief executive David Harrison.

Harrison rejects the Nat-ional Pension Savings Scheme, saying it only serves to absolve individuals from the responsibility of managing their pension arrangements and the cost to business will hinder the UK’s competitive edge in Europe.

He says commission chairman Turner seems to have learnt nothing from the failure of stake- holder and says his proposals will not engage the consumer.

Harrison says: “This is just yet more socialist, nanny state dogma coming out. Overall we have to rely on the competence of Turner and the Labour Government to implement their plans. This is another step in the Government making the UK less competitive. They either need to increase National Insurance or tax or not, and not seek for employers to do the work.”

Millfield head of pensions Graham Duckett says the proposals will play into the hands of the banks and building soc- ieties, which will take a bigger slice of the pension market as they have greater reach into the mass market.

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