At a joint ABI / IPPR conference, Savings, Assets and Protection in the UK, the ABI has launched plans to encourage people to save more and protect their finances. The ABI Savings Manifesto includes ideas to boost pensions and other savings, including early automatic enrolment into workplace pensions, automatic increases in pension contributions and more flexibility on when people can buy annuities. At the same time, the ABI has published new research into savings habits and a consumer leaflet on protection insurance.

Opening the conference, Stephen Haddrill, the ABI’s Director General, said:

“ABI research this year shows that over 40% of people are either saving far too little, or nothing at all, for their retirement, while the vast majority of the UK’s population has little or no protection in place to help them cope with unemployment or other unexpected financial shocks.

“We need a culture of personal responsibility based on savings habits established early on in people’s lives. Today we launch the ABI Savings Manifesto, which includes ideas like early access to pension saving, having contributions structures which auto-escalate with salary increases, and bringing forward automatic enrolment on a voluntary basis.

“On protection insurance, to further streamline the claims experience for consumers we are calling for a new way of dealing with life insurance payments, which will help to avoid any financial hardship that people can suffer while they are waiting for lengthy legal processes after the death of a loved one to conclude.

“And we hope, through a further consumer publication today, People Need Financial Protection, to help individuals and families work out what insurance products are right for their needs.”

Also speaking at the conference were the Secretary of State for Work and Pensions, Rt Hon Yvette Cooper MP and her Conservative counterpart, Rt Hon Theresa May MP.

Notes

Notes for Editors

1.        Enquiries to:

Jonathan French        020 7216 7392 (Mobile: 07958 330 480)

Malcolm Tarling          020 7216 7410 (Mobile: 07776 147 667)

Erfan Hussain                         020 7216 7411 (Mobile: 07712 841 184)

Kelly Ostler-Coyle       020 7216 7415 (Mobile: 07968 364 302)

2.        The ABI Savings Manifesto, People Need Financial Protection consumer leaflet and the results of the Quarter 3 2009 ABI Savings and Protection Survey are all available on the ABI web site, www.abi.org.uk.

3.        The ABI is the voice of the insurance and investment industry. Its members constitute over 90 per cent of the insurance market in the UK and 20 per cent across the EU. They control assets equivalent to a quarter of the UK’s capital. They are the risk managers of the UK’s economy and society. Through the ABI their voice is heard in Government and in public debate on insurance, savings and investment matters.

4.        An ISDN line is available for broadcasts.