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The Employer Task Force report, which aims to put employers at the centre of the pensions provision, will “add to the momentum for change” in Britain’s pension provision, says the ABI (Association of British Insurers). 

Joanne Segars, Head of Pensions and Savings, at the ABI said:

“The report contains much sensible analysis and some very practical suggestions.   We agree that employers must be helped and encouraged to take a more central role in pensions provision for their employees.

“In particular we welcome the suggestion that most small employers should be encouraged to contribute to schemes – according to our research a modest 5% contribution leads to a five fold increase in scheme membership. The ABI has proposed a Pensions Contribution Tax Credit to encourage and reward employers who contribute to pension schemes.

“The Task Force’s commitment to a target level of employer contributions is an extremely good idea and we will be pushing for the maximum possible support for this.”

Notes

Notes for Editors

1. Enquiries to: 
 Alan Leaman  020 7216 7440 (Mobile: 07957 482330)
 Malcolm Tarling  020 7216 7410 (Mobile: 07776 147667)
 Lucy Butler  020 7216 7411 (Mobile: 07712 841184)
 Dinah Lartey  020 7216 7394 (Mobile: 07712 841183)

2. The ABI is the trade association for Britain’s insurance industry. Its more than 400 member companies provide over 94% of the insurance business in the UK. It represents insurance companies to the Government, and to the regulatory and other agencies, and is an influential voice on public policy and financial services issues. ABI member companies hold more than a fifth of all investments traded on the London Stock Exchange, on behalf of millions of pensioners and savers.