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Providers reject pension compulsion rumours

Providers have rejected the idea the Government would be seriously considering extending compulsion on pension savings at this stage, despite a story in a newspaper today.

They say there is no way such a move would be considered until Alan Pickering publishes his final report this summer and also that it would spark outrage amongst employers.

Prudential director of pension development John Glendinning says: “We believe there is plenty of other avenues that can be pursued before compulsion should be seriously considered.”

Scottish Life head of pensions development Steve Bee says: “I would bet against compulsion. All the indications are that it would be badly received by employers and surely compulsion on employees would have to be ruled out.”

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