ABI: Response to Early Access HMT Call fro Evidence

ABI: Response to Early Access HMT Call fro Evidence

ABI: Response to Early Access HMT Call fro Evidence

In response to the HMT’s Call for Evidence on Early Access to pension contributions, Yvonne Braun the ABI’s Assistant Director of Retirement Savings, said:

“The main challenge we face in this country is that people are not saving enough. We need to build up consistent, long term savings habits. While early access to pensions may seem attractive on the surface, close inspection shows that it is not a silver bullet that will solve the nation’s under saving because it raises significant risks that people end up with even less money in retirement. Before people can access their savings, they actually need to build them up in the first place to make sure they have a decent income in retirement. Our focus should be on getting people saving for their retirement, in particular making automatic enrolment in 2012 work.”

ENDS

Kelly

Kelly Ostler-Coyle MCIPR
Media Relations
ABI (Association of British Insurers)
t: 020 7216 7415
m: 07968 364 302
www.abi.org.uk

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