The ABI has responded to the Work & Pensions Committee report on Protecting Pension Savers, published today.
“We welcome the Work and Pensions Committee’s report on protecting pension savers, to which we were pleased to contribute industry expertise, and which reflects the risk of people not saving enough for retirement. The report addresses key challenges arising from the successful introduction of automatic enrolment, including the level of contributions and widening participation. These are issues that we identified in our own report earlier this year.
“As recognised in the Committee’s report, the Government needs to ensure that automatic enrolment continues to work for savers. In part, this means increasing minimum contributions to help people save enough for a financially secure retirement. However, a plan must be set out to achieve this gradually over the next decade.Additionally, we agree that solutions must be brought forward to bring lower earners and the self-employed into automatic savings. We look forward to continuing to work with Government and the Committee to address these challenges.”
For further information, please contact the ABI Press Office.