Workplace pensions down - ABI

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The latest quarterly business figures from the Association of British Insurers (ABI) paints a stagnant picture on pensions and long-term savings in the UK.

The ABI’s first quarter business figures for 2005, reveal overall sales of life and pensions products at £2.49bn, up 2.8% on the same period in 2004, while the £183m figure for pensions sold in the workplace is down 3.5%. Chris Kenny, ABI director of Life and Pensions says while pensions and long-term savings market is ‘steady’ it is not doing enough to tackle the increasing savings gap, recently put at £12bn by Adair Turner and his Pensions Commission. Kenny says: “The fall in collective workplace savings shows that the UK is missing a key opportunity to reinvigorate overall saving lev...

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