Calls for improved pension system

In order to boost their retirement savings, private sector workers in the UK need to be offered an improved pension system, a new report suggests.

According to the Workplace Retirement Income Commission, which the National Association of Pension Funds helped to set up, the pensions being provided to 23 million workers are currently subject to a range of risks and charges, in addition to complexity.

A better deal needs to be provided to private sector staff members, the commission suggested.

It is not just public sector pensions where problems are being seen, according to Lord McFall of Alcluith, the body's chair.

He stated: "Too many people are stuck in a complex, costly and inefficient system that relegates the consumer's interest to second place. On top of that, they simply aren't saving enough to secure a decent retirement."

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