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18th August 2011
Unison offered pension advice to the government, suggesting that raising employee contribution rates by 3.2 per cent would lead to an increase in people opting out of the scheme.
As a result, employee funding would be cut, therefore posing a risk not only to companies throughout the country, but also the wider economy.
General secretary Dave Prentis commented: "At least 20 per cent more could opt out if contribution rates go up further. This will hit cash flow hard and could mean investments are cashed in early."
He warned that there is potential for pension schemes to collapse entirely, which Mr Prentis highlighted would be a "disaster for the taxpayer".
They would end up having to foot a means-tested benefits bill at a later stage, he suggested.
Unison warns against pension reforms
Changes to the pension system could have implications for private companies, a union warns.
Unison offered pension advice to the government, suggesting that raising employee contribution rates by 3.2 per cent would lead to an increase in people opting out of the scheme.
As a result, employee funding would be cut, therefore posing a risk not only to companies throughout the country, but also the wider economy.
General secretary Dave Prentis commented: "At least 20 per cent more could opt out if contribution rates go up further. This will hit cash flow hard and could mean investments are cashed in early."
He warned that there is potential for pension schemes to collapse entirely, which Mr Prentis highlighted would be a "disaster for the taxpayer".
They would end up having to foot a means-tested benefits bill at a later stage, he suggested.
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