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New KPMG report on the pension freedoms published

KPMG has today published a second report reflecting on the implications of the pension freedoms.

The research, supported by the ABI, draws on interviews with more than 40 industry figures and policymakers and considers issues such as low levels of saving, poor financial literacy and the need for innovation in the market.

Yvonne Braun, Director of long-term savings policy at the ABI, commented:

Yvonne Braun"The pension freedoms revolutionised the world of retirement income - now we must ensure as many people as possible can make the most of them.

"Giving individuals greater power over their pension pots should encourage more people to put money aside for their retirement, but this alone will not drive the levels of engagement we need. Education is key in the long term, and the industry is already looking at the part it can play by standardising and simplifying the language used to talk about pensions and long-term savings.

"Throughout their working lives, people should have easy access to information about their pension saving so they can keep track of how well prepared they are for retirement. The industry is keen to support the development of a pensions dashboard which would make this possible – this requires a partnership with Government and an over-arching strategy for delivery."

Last updated 01/07/2016