Savers ‘need help’ from Lords

There have been calls by a number of organisations for the House of Lords to introduce reforms for workplace pensions.

Leading up to the Pensions Bill’s Committee Stage, the Association of British Insurers (ABI), National Association of Pension Funds, Institute of Chartered Accountants in England and Wales and the Society of Pension Consultants have produced a document for the Lords to discuss.

The group of pension organisations has suggested that reforms to the Bill would allow earners to profit from contributions based on their full yearly paycheque.

Director of life and savings at ABI Maggie Craig stated: “Workplace pensions already serve millions of people very well and the extension of automatic enrolment to these schemes will benefit millions more.”

Recently, a Prudential survey found as many as three-quarters of UK retirees have withdrawn an average of £24,154 from their pension fund in one go.

© Adfero Ltd

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