Legal & General has written to Andrew Smith, the new Secretary of State for Work and Pensions, outlining the steps it feels he needs to take in order to complete the reform of pension policy.
The company hopes that Smith will act quickly to push through reform.
It has put forward a four-point plan, including greater incentives to individuals to save through pensions, cutting out red tape for employers which are often required to deal with the admin of pension schemes, recognition of employers deemed “pension friendly” and lighter regulation of IFAs advising on pension schemes.
L&G says Darling did well to create an infrastructure for pension policy but failed to convince more people to save through pensions. It says it will be up to Smith to complete the job and believes its four points will go a long way to achieving that.
It repeated the call for the Government to contribute £50 for every £100 saved through stakeholder for the next two years to kickstart a savings habit. L&G published this proposal when the ABI published the first-year stakeholder figures in April which were greeted negatively by many in the industry.
Pensions strategy director Adrian Boulding says: “The incoming Secretary of State has to complete the job and he has no small job ahead of him. Our four-point plan aims to help him along the way.”