01 December 2006
The Association of British Insurers has welcomed the publication
of the Pensions Bill, saying that State reforms are good news for
women and carers, but warning that more work is needed on the
Delivery Authority for personal accounts.
Commenting yesterday on the publication of the Pensions Bill,
Stephen Haddrill, the ABI's Director General, said: "Today's
pension reform measures are a step in the right direction, in
particular the measures to improve pensions for women and carers in
the state system and to simplify the State Second Pension.
"We also believe that Personal Accounts, delivered properly,
will change for the better the retirement savings environment in
Britain. That is why we have always strongly supported the
establishment of a Delivery Authority.
"However, on the Delivery Authority the Bill raises more
questions than it answers. The imminent pensions White Paper should
set out specific details of how the Delivery Authority will operate
beyond the first 18 months mapped out in the Bill. We will be
looking for guarantees that the Authority is genuinely independent
and will be led by people who have real, practical expertise in the
pensions field. It should also set out the Authority's precise
remit and objectives.
"In particular, we support the Secretary of State's announcement
at the ABI Saver Summit that the Delivery Authority will have a
duty to promote choice. We look forward to debating how this is
best done."
