14 July 2010
According to research by the Association of British Insurers
(ABI) over 40% of people are not saving sufficiently for their
retirement. It has implored consumers and the government alike to
address the problem urgently. Their report discusses why people do
not save for the long-term as well as a list of proposals which
they believe would encourage people to save. The ABI's action plan
to encourage retirement saving calls for:
- The introduction of auto-enrolment to take place as soon as
possible in 2012 rather than putting the dates back further
- To make it as straightforward as possible to enrol employees
into existing pension schemes
- Employers to be more engaged with pensions
- Honest communication to tackle the lack of consumer
understanding of pension saving and simplified consumer advice
about pension saving.
The full news release from the ABI and the accompanying report
"Reinvigorating Savings in the UK" can be read here:
ABI Newsroom - Reinvigorating
Savings
