The ABI (Association of British Insurers) welcomed Government plans to reward savings at a major conference today held at its offices on the new pension credit.

The Conference, addressed by Alistair Darling Secretary of State for Work and Pensions, was the first opportunity to discuss the new proposals since the Chancellor’s Pre-Budget Report.

The ABI has long advocated measures to combat pensioner poverty and to reward those who save.

Speaking at the Conference, Chris Curry, Senior Economist at the ABI said:

“The pension credit provides a welcome boost to retirement incomes for many of today’s and tomorrow’s pensioners.

The impact on savings incentives will, however, be complex. On the whole, the credit should encourage more people to save.

More reform may be needed to encourage further saving for retirement. The pension credit should be seen as a welcome step forward, not the final word.”

Notes

1. The ABI is the trade association for Britain’s insurance industry. Its more than 400 member companies provide over 97% of the insurance business in the UK. We represent insurance companies to the Government, and to the regulatory and other agencies, and provide a wide range of services to our members. ABI member companies account for more than a fifth of investments in the London stock market.
   
   
2. Further enquiries to:
   
   Malcolm Tarling 020 7216 7410 (Mobile: 07776 147 667)
   
   Alan Leaman 020 7216 7440 (Mobile: 07957 482330)
   
   
3. An ISDN line is available for broadcasts.