30 November 2005
Amicus, the UK's largest private sector union, says it welcomes the main thrust of the Turner pension report, including moves towards compulsory pension contributions, increasing the level of the state pension and aligning it to wage increases and helping women boost their pensions contributions.
Although the campaigning union is broadly welcoming of the proposals, Amicus says will resist plans to raise the state pension age which will see many people die before retiring and will oppose plans for individuals and companies to be able to 'opt out' of occupational schemes.
Amicus General Secretary, Derek Simpson, said:
"We are pleased that Lord Turner has concluded that compulsion is the only way to tackle the pensions crisis but disappointed that he is recommending individuals and companies should have the opportunity to opt out. Opts out will hurt those most in need.
"Our union will also oppose any plans to raise the statutory retirement age which will see many of the poorest people die before receiving the pensions they work their whole lives for.
"All of us saving more is the solution to the pensions crisis. Amicus wants to see the burden of this solution shared fairly between employee and employers."
Amicus has taken the lead on pension issues. The union has been campaigning for pension compulsion for five years and wants minimum employers contributions set at 10% and workers at 5%.
Amicus was primarily responsible for the introduction of Pension Protection Fund (PPF), set up to protect occupational schemes pensions, and for the Financial Assistance Scheme (FAS), established to assist those people who have lost most or all of their life's savings through their employers insolvency.
