We are the voice of insurance and long-term savings | Contact us

ABI DG voices frustration pensions proposals political parties general election campaign

Speaking this morning at an NAPF pensions briefing, ABI Director General Huw Evans expressed frustration at pension proposals made by the political parties during the election campaign.

Huw Evans, ABI Director GeneralThe ABI's Huw Evans said:

"This has been a disappointing and frustrating election campaign for all of us who would like to see fundamental reform of our pensions policy. All we have had are proposals to raid pensions tax relief to pay for headline-grabbing policies such as tuition fees and inheritance tax with no debate at all about how best to reform the system to ensure people save more. This isn’t good enough and reinforces the need to put longer term savings strategy at arms-length from short term political considerations.

“We are going backwards in making the right decisions on pensions. Ten years ago we had an independent commission making far-reaching recommendations with cross-party support. Now we have no consensus and increasing short-termism on issues of profound importance to our ageing society.

"Decisions about tax always have to be the prerogative of elected ministers in a democracy. But political cycles are short when compared to a lifetime of saving for retirement. We need to see much greater emphasis on the benefits of a reformed and stable system of tax incentivisation of pensions so that today’s workers can save for the future with greater certainty."

Read the report launched this morning: The case for an Independent Retirement Savings Commission.

Last updated 01/07/2016