Zurich commented on the Government’s response to its pensions consultation on the Budget changes.
Simon Foster, Head of Corporate Life and Pensions, UK and International Savings, Zurich UK Life, said:
“Giving responsibility of delivering the guidance guarantee to independent organisations is sensible. But the changes introduced by the Budget make the availability of information around saving even more important and we believe that guidance should be provided throughout people’s working lives, not just at retirement, if savers are helped to make the right decisions.
“That’s why employers willing to offer workers advice should be given a safe harbour to prevent them from being sued decades after having provided guidance. In order to ensure innovation in this space, we believe the FCA should also work with advice providers.”
‘We also welcome the measures the Government has chosen to ensure that people do not use the new flexibilities to avoid tax on their current earnings. These measures are the most fair and practical of the alternatives under consideration, and demonstrate a genuine commitment on the part of the Government towards effective consultation.”
