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25/08/2003
Government urged to better promote pensions take-up
The Association of British Insurers (ABI) has called on the government to help employers promote stakeholder pensions take-up.
According to research from the ABI, 82% of employer-sponsored stakeholder pension schemes remain ‘empty boxes’ with no pensions yet active.
'Stakeholder pensions – time for change', the third detailed ABI market analysis of the stakeholder pensions market, says that 1.5 million stakeholder pensions have been sold since April 2001, but only 13% of employer-based schemes have employer contributions.
Commenting on these results, Mary Francis Director-General of the ABI said: “Stakeholder pensions have so far fallen short of expectations. We must need more action now to ensure that people use them to start saving for a decent retirement.
“We know that active employer involvement in pensions works. That’s why we’re recommending a programme of employer action to boost pension take-up, to be taken forward in partnership by government, employers, unions and the pensions industry.”
Among the ABI's proposals are calls for the helping employers meet the costs of advice through a Workplace Advice Tax Credit; giving practical help to employers via the government’s proposed Employer Information Pack; and requiring employers to give each employee a leaflet about the scheme they sponsor.
Ms Francis added: “Pensions are inextricably linked to the workplace. Our proposals will involve employers and help them help their workers.”
(gmcg)
According to research from the ABI, 82% of employer-sponsored stakeholder pension schemes remain ‘empty boxes’ with no pensions yet active.
'Stakeholder pensions – time for change', the third detailed ABI market analysis of the stakeholder pensions market, says that 1.5 million stakeholder pensions have been sold since April 2001, but only 13% of employer-based schemes have employer contributions.
Commenting on these results, Mary Francis Director-General of the ABI said: “Stakeholder pensions have so far fallen short of expectations. We must need more action now to ensure that people use them to start saving for a decent retirement.
“We know that active employer involvement in pensions works. That’s why we’re recommending a programme of employer action to boost pension take-up, to be taken forward in partnership by government, employers, unions and the pensions industry.”
Among the ABI's proposals are calls for the helping employers meet the costs of advice through a Workplace Advice Tax Credit; giving practical help to employers via the government’s proposed Employer Information Pack; and requiring employers to give each employee a leaflet about the scheme they sponsor.
Ms Francis added: “Pensions are inextricably linked to the workplace. Our proposals will involve employers and help them help their workers.”
(gmcg)
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