UK/US - The government must do much more to encourage people to save during their working lives, urged Invesco Pensions in its Green Paper submission.
Chief executive David Butcher – who backed the paper’s proposals – said the government needs to do more to boost people’s savings habits.
In particular, he said that the government must introduce a basic level of financial education into the secondary and tertiary education systems.
Butcher explained: “We believe the real nature of the pensions debate should not see pensions in isolation, but as part of a bigger picture.
“Pensions are just one product competing for attention in the savings and investment industry.”
Invesco welcomed the government’s suggestion that people receive tailored information and pension forecasts by internet or telephone. The firm said it is testing a system in the US and is keen to follow in the UK.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.