The Association of British Insurers (ABI) has launched a campaign to persuade people to save for retirement now, rather than wait for pension reforms to take effect.
The ABI aims to bring together trade associations, consumer groups and other organizations in its save more now campaign. In an article for July’s Pension Age magazine, the ABI’s director of life and pensions said: It would be ironic – and tragic – if growing interest in future pension reform led to a decline in saving for pensions today.
The ABI’s director general, Stephen Haddrill, has written to prospective coalition members to ask them to sign up to a joint statement on the need to save more now. A website has been set up to provide information to consumers on retirement saving.
However, consumer group Which? has reservations about the campaign. Peter Vicary-Smith, chief executive at Which?, told IFAonline, a news service for financial advisers, that consumers should explore all options before committing to a new private pension.
Mr Vicary-Smith said: With a national pension saving scheme (NPSS) on the horizon, consumers should certainly not assume it’s the best thing to join a private pension. They should be saving in schemes that are appropriate for their needs and not necessarily those that the industry would like to sell them.