Reactions from business, charities and institutions to the publication of Lord Turner's recommendations for pension reform

Stephen Haddrill, director general of the Association of British Insurers:

"The Pensions Commission’s report must be a springboard for closing the savings gap, and not an excuse for further delay.

"The ABI supports automatic enrolment into pension schemes, with a matching employer contribution where the employee does not opt out. But we don’t need to create a new, expensive and risky state quango; we should use the expertise and infrastructure of our existing private sector to put this vision into effect. Doing so will give Britain a head start."

Carol Undy, national chairman of the Federation of Small Businesses:

"The proposed 3 per cent compulsory employer contribution will be a tax too far for small businesses. The bottom line is that most small employers simply cannot afford it and would be forced to make damaging cuts in other areas.

"The FSB recognises the need to tackle the pensions crisis and we welcome the current debate. But shackling small firms, the drivers of economic growth, with extra expense is not the answer.

"Furthermore, at a time when we are all being asked to make sacrifices, it was wholly wrong of the government to afford preferential treatment on the retirement age to the public sector."

Douglas McWilliams, chief executive of the Centre for Economic and Business Research:

"While it is unlikely that there will be an early decision to implement Turner’s recommendations, in the long run it is clear that there will be more taxpayer financed pension provision – meaning a rise in national insurance contributions – and more private savings.

"A consequence over time is likely lower interest rates and higher taxes. Turner’s proposed effective 7 per cent hike in NI contributions could knock nearly £2 billion off GDP from the impact of reduced competitiveness over five years after it comes in."

Donald Duval, chief actuary at Aon consulting:

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