Consumers should be given more information on coming pensions legislation if the government wants to incentivise people to save for their retirement, urges the Association of British Insurers.
In a response to the Pensions Bill published in February this year, the ABI has issued a briefing, suggesting the Revenue should consider making a number of amendments to the Bill as it currently "does not go far enough". For a start, the ABI says the details on how the new '£400m rescue scheme' - which will provide for pension scheme members who have already lost some or all of their money - will work need to be clarified as they still are "extremely vague". Issues such as what time limits will be imposed, which pension schemes will be eligible and what proportion of people's lost p...
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