Director General of the Confederation of British Industry (CBI), Digby Jones, has labelled the government’s decision to do away with the pension tax credit a “grave mistake” that has cost pension funds some £5 billion per year.
The CBI leader’s comments came on the eve of the release of the long-awaited report on pensions by former CBI Director-General Adair Turner due out today (October 12), and Jones called on the government not to exacerbate the pensions crisis by further eroding the tax position of UK pension funds.
"Ministers must do nothing to add to employer costs if we are going to reinvigorate the UK's voluntary system,” noted Mr Jones.
He added:
“I am confident we can get things back on track but only if employers, the government and individuals all accept their responsibilities.”
"It is easy constantly to blame business but there are more firms working hard to resolve the problem than the government or unions give credit for."
A proposal for compulsory pension contributions is being opposed by the CBI, a move it estimates could cost business as much as £22 billion per year and act as a "tax on jobs".
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