The Association of British Insurers has welcomed Pickering's report on pensions simplification, claiming that with the Sandler review, it will provide a good platform from which to close the savings gap.
It says much of Pickering's recommendations reflect its own views that there are too many types of private pensions, and that customers need clearer and more accessible information.
ABI head of pensions Joanne Segars also welcomed Pickering's proposals to simplify contracting out, as well as compulsory scheme membership for employees.
Segars says: “Further incentives are needed. That is why the ABI has proposed a new Pensions Contributions Tax Credit, together with wider availability of ensuring that there is a strong financial services industry able to extend pension provision for future pensioners.”