The Association of British Insurers has attacked the way the government is tackling personal accounts, warning it could end up with a "compromised system" and "a full-scale assault on existing good pension provision".
Stephen Haddrill, director general of the ABI, claims the government is “failing to live up to the promise” that personal accounts will complement rather than compete with existing provision. Speaking at the Institute of Economic Affairs’ (IEA) 10th Anniversary Conference, ‘The Future of Life Assurance’, he points out it “is no good just saying the right thing; from now on, the government must do the right thing as well”. Haddrill warns the pensions and savings industry is increasingly concerned that, instead of introducing reforms which will boost private savings, “the plans emerging ...
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