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ABI No more delays to pension reform Action needed now

The ABI is calling for more action to get people saving at its Savings and Protection Conference today.  Over 40% of people are not taking basic steps to save sufficiently for their retirement. This means a vast number of Britons will not have enough money to live comfortably in retirement unless we tackle the problem of under saving urgently.

 

To get people saving now, we need:

-       No significant delays to the introduction of auto-enrolment in 2012.

-       Employers to be engaged with pensions and make it as straightforward as possible to enrol employees into existing pension schemes.

-       Honest communication, to tackle the lack of consumer understanding of pension saving.

-       Simplified consumer advice about pension saving.

 

Maggie Craig, the ABI's Director of Life and Savings, said:

 

"We all know that many people in the UK are not saving enough towards their retirement. Now is time for action to tackle under saving rather than further analysis of the problem.  It is vital that the Government communicates honestly with people, explaining exactly why people need to save more and giving individuals a target to aim for.

 

"We now have a golden opportunity; many people have become debt adverse following the financial crisis and have begun paying down debt. Now is the time to put in place good savings habits, so that we become a nation that is financially resilient for the future."


Last updated 01/07/2016