The government needs to work more closely with the private sector to bridge the protection gap and reduce the prospect of further policy u-turns, says Nick Kirwan, head of the ABI's protection committee.
Kirwan says there is not a clear strategy at present on how the state and private sector should work together in addressing the protection gap, and he believes this is part of the reason why the government did a u-turn on pension term assurance (PTA). He is therefore speaking to the Treasury to highlight the importance of a joined-up approach in deciding what role protection should play in modern society and how the protection gap can best be addressed. He states: “The PTA debate is a symptom of the state and private sector not working as closely together as it could. What the governmen...
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