ABI Responds To OFT Launch Of Market Study Into Workplace Pensions

ABI responds to OFT launch of market study into workplace pensions

Responding to today’s announcement by the Office of Fair Trading (OFT) that they will be conducting a market study of workplace pensions, Otto Thoresen, Director General of the Association of British Insurers said:


“The pensions environment is changing dramatically and with auto enrolment set to bring millions of workers into pension savings the OFT’s market study into workplace pensions is timely.

“Rising life expectancy makes the need to reduce the UK’s savings gap more important than ever, and the success of auto enrolment is crucial to this.

“People rightly need confidence in a system that delivers value for money pensions and works well for employees and employers. ABI members recognise this and are raising standards to meet customer expectations. Pension charges have fallen to their lowest level, and industry initiatives are set to ensure charges and costs are disclosed clearly in a consistent format, and that people nearing retirement get more help to get the best pension deal.”

“We look forward to working with the OFT to ensure that their study is complete and well-informed”

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