ABI calls for automatic pensions enrolment
27.11.2008
Automatic pensions enrolment should be brought about by the new Pensions Act 2008 immediately, the Association of British Insurers (ABI) has claimed.
This, it said, could help millions of current and future employees secure savings for a comfortable retirement.
Commenting on the formalisation of new pensions legislation, the ABI said it strongly supports the principles stamped on the government bill but insisted work needs to be done to ensure automatic enrolment is standard.
Maggie Craig, ABI's director of life savings, said: "Why wait until 2012 to allow automatic enrolment into existing schemes?"
She added that pension providers are willing to begin automatic enrolment as soon as possible if that is what employers want to offer to their staff.
The National Association of Pensions Fund chief executive Joanne Segars recently praised pensions minister Rosie Winterton's proposal to introduce the option for employers to self-certify, saying it provided "flexibility" to the industry.
This, it said, could help millions of current and future employees secure savings for a comfortable retirement.
Commenting on the formalisation of new pensions legislation, the ABI said it strongly supports the principles stamped on the government bill but insisted work needs to be done to ensure automatic enrolment is standard.
Maggie Craig, ABI's director of life savings, said: "Why wait until 2012 to allow automatic enrolment into existing schemes?"
She added that pension providers are willing to begin automatic enrolment as soon as possible if that is what employers want to offer to their staff.
The National Association of Pensions Fund chief executive Joanne Segars recently praised pensions minister Rosie Winterton's proposal to introduce the option for employers to self-certify, saying it provided "flexibility" to the industry.