CBI calls for joint action to tackle pensions crisis

The
CBI has called for a partnership between employers, employees and the
Government to plug the UK’s £100bn pensions deficit.

CBI
director general Digby Jones said much more needed to be done to help the young
and low-paid into the world of saving. And the CBI Pensions Strategy Group has
published pensions guidance for companies to help them fill the financial holes
in pensions schemes.

However,
Jones stressed that a one-size-fits-all approach would not be helpful.

"These
are not guidelines to be slavishly followed," Jones said. "You have
to face the reality that what’s good for a highly profitable firm may not be
affordable for one that is barely keeping its head above water."

"This
is about firms doing as much as they can, not the least they can get away with,"
he said.

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For
a copy of the CBI guidelines, contact Jay Seth at the CBI. E-mail: [email protected]

By Michael Millar