03 April 2009
Suffolk Life Director of Sales, John Moret, has proposed that
the Government should set up an independent authority to work
alongside the Financial Services Authority (FSA) and the Pensions
Regulator to overhaul state and company pension provision. Mr Moret
said that the current system has failed the last two generations
and is in danger of failing the next.
Mr Moret said: "Unless you overhaul the state pension alongside
company pension regime there is never going to be a solution. The
only way to make company defined pension benefits (i.e. final
salary type pension benefits) more affordable is to make people
accept lower level of benefits."
