Friends Provident believes public policy should give people the freedom and confidence to become self reliant and argues this can only be achieved by removing the barriers to saving and offering incentives to encourage more people to save.
In its pensions and savings manifesto, Friends Provident sets out the key measures it believes should be enacted in the next parliament. The provider argues a consistent approach to policy shaping and decision making within the UK has been lacking and is urging the next government to aim for less regulation and more simplification.
Friends Provident believes individuals need reassurance that their savings contributions will be protected and is urging the next government to:
- Remove means testing and enable individuals to contribute into NEST or a qualifying scheme, knowing their benefits won't be eroded
- Commit to Pensions Simplification principles
- Take politics out of pensions and introduce an independent body responsible for developing a long-term savings strategy.
Trevor Matthews, CEO for Friends Provident said:
"The barriers to saving in the UK must be removed and Government has to act quickly to instil a culture that not only addresses savers' concerns but also provides the right amount of freedom and flexibility.
"We are calling on the new government to take some quick and decisive action that will make a real and positive difference to pensions and savings in the UK and will deliver the required confidence and freedom for people to make the most of their working lives and their retirement."
Friends Provident is also urging Government to make it easier for employers to offer good quality pensions to all staff. The provider argues the pivotal role employers play in establishing company pension schemes should not be under estimated and says it is essential employers feel inspired to promote the merits of saving to their staff.
Matthews continues:
"Government has to implement a future policy that provides employers with sufficient confidence that the contributions they make on their employees behalf will generate positive benefits for their company.
"We have to enable employers to give advice/guidance to their employees on retirement saving within a regulatory "safe harbour" that stops them being paralysed by worries over legal actions."
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