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Queens Speech

Commenting on The Pensions Bill announced in today's Queen's Speech, Stephen Gay, Director of Life and Savings at the Association of British Insurers, said:

"A single-tier state pension will provide clarity about the State's retirement offer and support the roll-out of automatic enrolment into workplace pensions. It will give savers certainty about how much they need to set aside to ensure a sufficient pension in retirement."

On The Social Care Bill, Stephen Gay, commented:

"The Government's decision to implement social care reforms will bring some clarity and help people prepare for the costs they face in older age. The cap and the higher means test are a welcome step towards tackling the challenges of an ageing UK population and the insurance industry is pleased to work with Government on this key issue."

Commenting on The Mesothelioma Bill, which will mean better support for mesothelioma sufferers, Otto Thoresen, Director General, ABI, said:

"Mesothelioma is a devastating disease which has a terrible impact on sufferers and their families. The insurance industry wants to do all it can to help sufferers and has worked with the Government on this package of  measures that will deliver help to claimants much faster, including to those who would otherwise go uncompensated."

Last updated 01/07/2016