The ABI broadly welcomes today’s white paper on pensions but says more dialogue is needed on consumers’ needs and expectations.
Director general Stephen Haddrill says: “The White Paper points pensions policy firmly in the right direction. Today’s decisions provide a solid platform for creating a new savings culture in Britain.
“And the Government has rightly recognised that the savings industry’s recommendations for delivering the NPSS are worthy of further study.
“Now the hard work really begins, for the pensions and insurance industry as much as for the Government. We all need the best possible understanding of consumers’ needs and expectations. The ABI will strengthen its research on practical ways to address these issues to help Government reach the right conclusion on what kind of NPSS will serve customers best.”