A shake-up of Britain’s pensions system will be set in train on Monday, as ministers look at the “massive” problem of shrinking pensions incomes and whether employers and staff should pay more into retirement pots.
Pensions minister Torsten Bell told the Financial Times the government would revive the Pensions Commission that heralded sweeping changes under Tony Blair’s Labour government in the early 2000s, arguing that these reforms were only “a job half done”.
“We are going to complete the job,” he said ahead of the launch of a commission to examine options to boost pension savings and broaden the number of people setting money aside for retirement.
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