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"We urgently need a pensions bill and I'm calling on the government to commit to one in the Queen's speech this week, so that we can clean up this mess".
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The company – essentially the former British Steel and the UK assets of Corus – may also need a pension fund top-up of £2bn.
"The constant harping on tax cuts versus a cost-of-living increase for retirees is obscene," Mr. Farrell said, adding that retired workers need a pension that can allow them to afford basic expenses.
"The HR director has to make a business case to the finance directors as to why they need a pension scheme," says Mr Warwick-Thompson, "and the HR director has to show that the company is getting bang for its buck .The paradox of choiceConsumer choice, seemingly one of the advantages of DC schemes, is really another weakness.
In the past the pension system assumed that women did not need a pension they needed a husband," he says.
Which could have an economic benefit in that they'll work themselves to death and not need a pension at all.
"They've invested in an application that has an initial cost, but over time doesn't expect to have an hourly rate, doesn't expect to have a pay rise, doesn't need a pension.
It used to be said, he announced perkily, that whereas a man needed a pension, a woman needed a husband.
The trouble is that this requires a change to the state constitution, a process that will take several years (if it happens at all), and Illinois needs a pension overhaul right now.
If today's workers ought to save 20% of their income to enjoy a decent pension at 65, the prospect of working (and saving) five years longer and needing a pension for five years less, would bring the percentage down.
You are likely to need a private pension fund, from one of the new stakeholder pensions or another type of private scheme, of tens of thousands of pounds to produce an income that will do more than the state would have done had you not saved.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com