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Winterthurwants hard-hitting Govt ad push for pensions

Winterthur Life has warned that any Government drive to promote pension savings must be as hard-hitting as its drink-driving, Aids and anti-smoking campaigns.

Chief executive Mike Kellard told the IEA Conference that a mixture of apathy and a lack of education is preventing people from understanding the need to save in a pension to secure a comfortable retirement.

Kellard hailed the success of past major Government-sponsored campaigns and called for Parliament to introduce hard-hitting ads about long-term saving.

He said there needs to be a change in priorities within the industry and the Government, warning that the massive focus on costs risks overshadowing the more important need for education.

Kellard said auto-enrolment, as proposed by the Pensions Commission and sev-eral leading commentators, is needed to support the education drive and ensure that it is a success. But he said this also needs to be supported by the Government reducing means-testing.

Winterthur believes the industry must focus on work-based education and advice, leaving the Government to focus on providing more generic advice, including younger generations not yet in the workforce.

Kellard says: “There is a real problem of apathy and lack of education and advice in the UK. Where is the central campaign to back up these initiatives that we have been talking about?”

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