Delivering a solution to the "looming pensions crisis" in the UK should be the first priority of Government in 2005, according to the director general of the Institute of Directors (IoD).
In addition, long term employability must also be high on the agenda, the IoD chief said.
In his New Year message to members, Miles Templeman said the starting point for any reform of pensions policy has to be simplification.
"The current system is hideously complicated and must be made transparent and comprehensible to everyone," he said.
"Ultimately, we need to see a savings renaissance in the UK. The Government does have an important role to play, but ultimately it is a matter of individual choice.
"Where the Government does have fundamental responsibility is in deciding the retirement age and the generosity of the State Pension. And, here, the Government is going to have to make some tough choices"
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