ABI director of life and savings Maggie Craig says the move would encourage pension savings.
She says: “We urge the Government to actively encourage pension saving by bringing forward proposals to allow automatic enrollment into workplace pension schemes, should employers want to offer that benefit, in advance of its planned implementation date of 2012.”
Craig is also calling on the Government to ensure its Savings Gateway bill acts as a catalyst for long-term pension saving rather than a competitor.
She says: “While the saving gateway is specifically focused on people on low incomes over a relatively short period of time, it could and should act as a catalyst for longer-term saving for retirement.”
Meanwhile, the ABI director of investment affairs Peter Montagnon says the Government, the FSA and the Bank of England must “knuckle down” to get the wholesale markets working again.
With regard to the Banking bill, he says: “A banking code is one thing, but what would really help is if the authorities were to knuckle down and make the money markets work better, so that banks have access to the resources they need to lend. Institutional investors would be very supportive of this.”