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IFAs say Govt won’t close gap

Eighty-two per cent of IFAs believe the Government will have little or no impact in closing the 27bn savings gap, according to research from Winterthur Life.

The research, conducted at the firm’s roadshows, reveals that 67 per cent say the Government will have little impact in closing the gap, while 15 per cent say it will have no impact.

When asked what would make the biggest inroads to closing the gap, 50 per cent say compulsion, 22 per cent say consumer confidence in the pension industry, 20 per cent say increased tax incentives and 4 per cent say the ability to access funds in an emergency.

Winterthur chief executive Mike Kellard says the research suggests even a radical shake-up of the pension regime will not be the magic bullet to compel people to save for retirement. He believes unbiased education from an early age and continuing in the workplace until pre retirement is the key. Kellard says: “If there is no appetite or demand, then it does not matter how simple or cheap saving for retirement is made, it will fail.”

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