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Summer Budget ABI response on pension tax reform and delay to secondary annuity market

Huw Evans, Director General of the Association of British Insurers (ABI), responds to the Budget announcements on pension tax reform and delaying the secondary annuity market timetable to 2017.

On pension tax reform, Huw Evans said:

"We strongly welcome a full review of how to strengthen the tax incentives to help people save more for their retirement.  Pension providers share the Chancellor’s concern that Britain isn’t currently saving enough and have been calling for this review for some time. We will be keen to actively contribute to this consultation, including highlighting the risks of a workplace ISA replacing pensions."

On delaying the secondary annuity market timetable to 2017, Huw Evans said:

"The new timetable announced today is a very welcome move and follows strong representations from the industry that the previous timetable was too quick. Providers want the reforms to the secondary annuity market to work for customers and it is right more time is allowed to get the right structures and regulation in place before going ahead."

Last updated 01/07/2016