ABI enters Serps debate

Accusing both organisations of causing widespread concern about the current system and the choices consumers need to make the ABI says it believes contracting out should be simplified and reformed in order to stimulate private savings and ensure there is a basic level of retirement income for the lowest income groups. Chris Kennedy, director of life and pensions at the ABI, says: “Used properly, the contracting-out system could have great benefits for consumers and taxpayers. The present situation has come about because the government has reduced the level of contracted-out rebate that i...