Construction industry pension provider B&CE has called on the major political parties to introduce compulsory pension schemes, if elected to government.
B&CE urges the reform in its pensions manifesto for 2005. It also suggests a flat rate of tax relief, rather than the wage-linked system that exists at present.
John Jory, B&CE deputy chief executive, said: “There is quite a lot of talk about how are going to address the impending pensions crisis in this country. We believe that now is the time for action.”
B&CE wants compulsory scheme that would require contributions from employers and employees.
It also calls for tax incentives for employers to provide pensions schemes for their staff.
The manifesto says: “The introduction of special corporate tax breaks is one way of encouraging small and medium employers to provide meaningful pensions to their staff.”