At a joint ABI / IPPR conference, Savings, Assets and Protection in the UK, the ABI has launched plans to encourage people to save more and protect their finances. The ABI Savings Manifesto includes ideas to boost pensions and other savings, including early automatic enrolment into workplace pensions, automatic increases in pension contributions and more flexibility on when people can buy annuities. At the same time, the ABI has published new research into savings habits and a consumer leaflet on protection insurance.
Opening the conference, Stephen Haddrill, the ABI’s Director General, said: “ABI research this year shows that over 40% of people are either saving far too little, or nothing at all, for their retirement, while the vast majority of the UK’s population has little or no protection in place to help them cope with unemployment or other unexpected financial shocks.
“We need a culture of personal responsibility based on savings habits established early on in people’s lives. Today we launch the ABI Savings Manifesto, which includes ideas like early access to pension saving, having contributions structures which auto-escalate with salary increases, and bringing forward automatic enrolment on a voluntary basis.
“On protection insurance, to further streamline the claims experience for consumers we are calling for a new way of dealing with life insurance payments, which will help to avoid any financial hardship that people can suffer while they are waiting for lengthy legal processes after the death of a loved one to conclude.
“And we hope, through a further consumer publication today, People Need Financial Protection, to help individuals and families work out what insurance products are right for their needs.”
Also speaking at the conference were the Secretary of State for Work and Pensions, Rt Hon Yvette Cooper MP and her Conservative counterpart, Rt Hon Theresa May MP.
