ABI - No more delays to pension reform

ABI – No more delays to pension reform

ABI – No more delays to pension reform

The ABI is calling for more action to get people saving at its Savings and Protection Conference today. Over 40% of people are not taking basic steps to save sufficiently for their retirement. This means a vast number of Britons will not have enough money to live comfortably in retirement unless we tackle the problem of under saving urgently.

To get people saving now, we need:
– No significant delays to the introduction of auto-enrolment in 2012.
– Employers to be engaged with pensions and make it as straightforward as possible to enrol employees into existing pension schemes.
– Honest communication, to tackle the lack of consumer understanding of pension saving.
– Simplified consumer advice about pension saving.

Maggie Craig, the ABI’s Director of Life and Savings, said:

“We all know that many people in the UK are not saving enough towards their retirement. Now is time for action to tackle under saving rather than further analysis of the problem. It is vital that the Government communicates honestly with people, explaining exactly why people need to save more and giving individuals a target to aim for.

“We now have a golden opportunity; many people have become debt adverse following the financial crisis and have begun paying down debt. Now is the time to put in place good savings habits, so that we become a nation that is financially resilient for the future.”

– ENDS –

Notes for Editors

1. Enquiries to:
Liz Forster 020 7216 7444 (Mobile: 07717 578 586)
Nicholas Burke 020 7216 7392 (Mobile: 07725 245 841)
Malcolm Tarling 020 7216 7410 (Mobile: 07776 147 667)
Erfan Hussain 020 7216 7411 (Mobile: 07712 841 184)
Kelly Ostler-Coyle 020 7216 7415 (Mobile: 07968 364 302)

2. Published today:

Reinvigorating Savings in the UK – The ABI’s Plan for Action

Towards a more Resilient Society – protection insurance

Annuities purchase decision (Open Market Option) research

Consumer attitudes towards pensions

3. The ABI is the voice of the insurance and investment industry. Its members constitute over 90 per cent of the insurance market in the UK and 20 per cent across the EU. They control assets equivalent to a quarter of the UK’s capital. They are the risk managers of the UK’s economy and society. Through the ABI their voice is heard in Government and in public debate on insurance, savings and investment matters.

4. An ISDN line is available for broadcasts.

5. More news and information from the ABI is available on our web site, www.abi.org.uk.