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.”
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers