Zurich has called for the creation of a new 'savings minister' role, claiming it could help governments develop a "more coherent" approach to pension policy.
The insurer argued the new role could span both HM Treasury and the Department for Work and Pensions. The incumbent would be responsible for "leading government-wide development, implementation and review of policy and legislative frameworks," it said.
Zurich has written to the "main" political parties, explaining the role could "rebuild consumer confidence" in long-term savings in the UK. No party has yet released its manifesto ahead of the General Election on 8 June.
"A savings minister would secure political representation for savers at the very top of government, coordinate savings policy across all departments and champion the needs of different consumer groups," said Zurich UK CEO Tulsi Naidu (pictured).
"It would demonstrate the government is committed to supporting savers and give people the certainty they need to put money away for their futures."
She added: "We know that many Britons are not saving enough for retirement. Addressing this problem requires a more coherent approach to government policy-making and an end to piecemeal reform."
Zurich also called for auto-enrolment boundaries to be extended to include people of all ages and incomes by removing age limits and the minimum earnings threshold of £10,000.
The insurer also put forward its own ‘seven-point manifesto' ahead of the June poll, urging political parties to:
1. Encourage a sustainable savings culture
2. Create a long-term, stable strategy for pension reform
3. Maintain momentum on current pension policy priorities
4. Provide security in working lives and beyond
5. Create a fairer framework for setting the personal injury discount rate
6. Follow through with whiplash reforms and the Prisons and Courts Bill
7. Maintain flood resilience as a strategic priority
The chairman isn’t answering his email
Reforms not enough
An economic cocktail
To encourage consumers to shop around
Will report to Pat Shea