UK - Consumers are continuing to return to the pensions saving market but progress remains slow, new figures from the Association of British Insurers show.
The ABI figures, which detail new life and pensions business for the first half of 2004, show an overall rise of 6pc compared with the same period in 2003.
New individual single pension premiums (including stakeholder, personal and group personal pensions) are 4.9pc up on this time last year.
New group business regular premiums (including defined benefit, defined contribution and group AVCs) are up 3.8pc over the same period.
ABI head of life and pensions Chris Kenny said it was “en-couraging” to report increases in some areas of savings, but warned that the improvement needed to spread across ìthe entire savings market”.
He said: “The savings industry and the government must continue to work together to stimulate consumer appetite for pension saving. Progress is being made but more improvements are needed on incentives for employers and Information for consumers.”
He added: “People need to realise the risks of not saving enough for their retirement. We need to educate and repeat the message - don’t just live for today, think about tomorrow.”
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