Aegon UK chief executive Otto Thoresen (pictured) will today urge the Government to turn its back on Labour’s “piecemeal approach” to pension and saving reform.
Speaking at a fringe meeting at the Liberal Democrats party conference alongside pensions minister Steve Webb, Thoresen will call on the Government to do more to create a sustainable savings culture in the UK.
He will urge the Government to re-examine the way financial incentives for saving and investment fit together and consider the behavioural aspects of how people approach financial decision making.
Thoresen also wants the Government to look urgently at the need to develop different advice models. Aegon believes that the financial landscape is getting more complicated and the RDR threatens to limit access to advice to fewer people.
Aegon also wants the Government to conduct a review of what motivates people to start, and keep on, saving.
He says: “The UK faces huge challenges in dealing with the demands of an ageing population and creating the groundwork for a sustainable savings culture. The coalition Government and the wider population are showing increasing appetite to tackle these challenges but we must go about it in the right way.
“We have a unique opportunity to harness the momentum for change and make a real difference to people’s financial security. But we can only do this by ending our piecemeal approach to savings legislation. We must take a fresh look at what financial incentives and behavioural aspects encourage people to save and make sure good financial advice is there for everyone who needs it.”