WA70

The Confederation of British Industry (CBI) has criticised the Government's Pensions Bill, which has now received Royal Assent.

According to the Government, the Pensions Bill will help to promote 'simplicity, security and choice' in UK pensions.

However, the CBI said that the Bill has become 'complex and confusing', and warned that rather than encouraging smaller firms to invest in pensions, it could force them to move away from final salary schemes.

The employers' organisation said that the last-minute extension of the Pension Protection Fund, to include companies already in financial difficulty, will place unnecessary burdens on employers.

CBI deputy director-general, John Cridland, said, 'The Bill was supposed to restore confidence in pensions, but as far as employers are concerned it is a major missed opportunity'.

'The Government has rightly sought to address the needs of scheme members, but it has offered little to meet the equally legitimate needs of employers', he added.

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