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05-Mar-08 10:10 [Research]
Pensions in 'worse state than originally thought' UK pensions are in a worse state than was originally thought, according to new research from the think tank Policy Exchange.
The report, called Quelling the Pensions Storm, has revealed that only 15 per cent of employees in the private sector are members of defined benefit pension schemes.
Nicholas Hillman, author of the report, said: "Quelling the storm will need three changes. First, we need braver deregulation for private occupational pensions, as well as lower costs for public sector schemes."
He added that the second step will be to automatically enrol employees onto existing products "such as stakeholder pensions" and the third step should be to "recognise that earnings-related state pensions do not work".
According to the research only four per cent of employees in the private sector are enrolled on pensions schemes which are still open to new members.
Policy Exchange is an independent think tank and works in partnership with academics and other experts.
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