Written Evidence to be reported to the House.
Pensions Bill
12:00 pm
John Cridland: The CBI does, indeed, broadly support the Bill. What is particularly significant about the Bill is the consensus that has been built up about the need to tackle the gap in pension provision that is going to increase in significance. Those on lower earnings do not currently have the benefit of employer-supported provision. Thanks to Lord Turner’s report and the resulting debate, it is now clear that something is needed to help those people.
There are aspects of the Bill where the CBI would not have started from the same place. Our small business membership is concerned about the practicality and cost impact of a form of soft compulsion. That is not something the CBI would have proposed, but we are quibbling about it. It is a necessary act, and we can acquiesce in it to achieve the purposes of the legislation.