The ABI is proposing a series of amendments to the Pensions Bill in a briefing paper to Peers in the House of Lords which it hopes will encourage more people to put money aside for their retirement.
The trade body is hoping its proposals will help clarify how long it will take for the Pension Protection Fund to get started and when the risk-based levy will be fully implemented.
It hopes changes will enhance the requirements on the new pensions regulator to consult on its draft code of practices and implement cost – benefit analyses of its propositions.
The ABI also asks for further measures to be implemented to reform the structure of state pensions and encourage pension contributions from employers.
ABI head of pensions Jo Segars says: “Reforms such as the new pensions regulator, the abolition of compulsory LPI on DC schemes and the Pension Protection Fund are welcome changes that will encourage saving. But the savings gap is so large that the changes in the Bill alone will be insufficient to ensure that as many people as possible have an adequate retirement income.”