Menu
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)
Related UK National News Stories
Click here for the latest headlines.
07 September 2004
Pensions Secretary quits government
The Work and Pensions Secretary Andrew Smith has resigned from the Cabinet, saying he quit in order to commit more time to his constituency and spend more time with his family.
Pensions Secretary quits government
The Work and Pensions Secretary Andrew Smith has resigned from the Cabinet, saying he quit in order to commit more time to his constituency and spend more time with his family.
13 August 2004
Stakeholder pensions are failing low-pay workers, TUC claim
Low paid workers are not getting the benefit of stakeholder pensions as employers are not contributing enough to make any headway in staving off Britain's looming pensions crisis, the Trades Union Congress (TUC) has claimed.
Stakeholder pensions are failing low-pay workers, TUC claim
Low paid workers are not getting the benefit of stakeholder pensions as employers are not contributing enough to make any headway in staving off Britain's looming pensions crisis, the Trades Union Congress (TUC) has claimed.
07 November 2013
Govt Sets Out Proposals To Reshape Workplace Pension
The government is setting out a range of proposals to reshape workplace pensions for future generations. These are designed to create more certainty for individuals, share investment risks more equally, and help employers to keep offering the best possible workplace pensions.
Govt Sets Out Proposals To Reshape Workplace Pension
The government is setting out a range of proposals to reshape workplace pensions for future generations. These are designed to create more certainty for individuals, share investment risks more equally, and help employers to keep offering the best possible workplace pensions.
20 June 2005
Pensions coalition calls for ‘fair deal’
A new coalition is calling on the new government to deliver a new ‘fair deal’ on pensions. Four organisations – the Trades Union Congress (TUC), Age Concern, Help the Aged and consumer watchdog Which? – have joined together to form the People’s Pensions Coalition to campaign for fair pensions reform.
Pensions coalition calls for ‘fair deal’
A new coalition is calling on the new government to deliver a new ‘fair deal’ on pensions. Four organisations – the Trades Union Congress (TUC), Age Concern, Help the Aged and consumer watchdog Which? – have joined together to form the People’s Pensions Coalition to campaign for fair pensions reform.
06 October 2005
Employers ‘concerned’ about Pensions Act
Employers are expressing growing concern about the impact that the 2004 Pensions Act will have on pensions provision, a survey has revealed. The 2005 Pension Trends Survey, by the Association of Consulting Actuaries, surveyed 392 firms and found that nearly two thirds (62%) believed that the Act would reduce occupational pension provision.
Employers ‘concerned’ about Pensions Act
Employers are expressing growing concern about the impact that the 2004 Pensions Act will have on pensions provision, a survey has revealed. The 2005 Pension Trends Survey, by the Association of Consulting Actuaries, surveyed 392 firms and found that nearly two thirds (62%) believed that the Act would reduce occupational pension provision.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
