‘More help needed’ for business pension benefits

The government needs to do more to help companies when it comes to their pension benefits plans, one sector commentator has asserted.

Mark Brooks, spokesperson for the National Association of Pension Funds, said the group is calling on chancellor of the Exchequer Alistair Darling to set a pensions budget as part of the next Budget.

“The government must do more to help and we have put forward proposals which would be to abandon their unworkable tax plan,” he explained.

Furthermore, Mr Brooks added the government needs to look towards ensuring there is enough long-term funding available for pension pots.

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His comments follow the Reader’s Digest Association announcement that one of its subsidiaries had filed for administration.

The news comes after it was revealed a deal could not be reached to pay off the Digest’s £125 million pension deficit.

Around 1,000 employees have yet to hear what will happen to their funds.