The Association of British Insurers (ABI) has called for the Pensions Commission to become a permanent body in the hope it can increase the number of people saving sufficiently for retirement.
The proposal falls within yesterday's deadline, laid out by Adair Turner, for public responses and suggestions on the PC report and the crisis befallen UK pensions. The trade body highlights three target areas for such a body to focus on, which it believes can be achieved by 2010 including: A 50% cut in the number of people not saving for retirement (currently 7.4m); A 50% cut in the number of people at risk of under-saving for their retirement (currently 4.8m), and An increase to 75% in the number of people in work who receive an employer pension contribution of at least 5% of earni...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
