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 ...
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
