Trust and confidence in pensions can be improved
Responding to former shadow pensions minister Rachel Reeves MP’s call for pensioners to be automatically enrolled to receive guidance on their savings, Jonathan Lipkin, Director of Public Policy at the Investment Association, said:
"It is incredibly important to consider how to build the right support structures for savers facing often difficult decisions into and during retirement. Automatic enrolment into workplace pensions has worked well by reversing the initiative and creating a clear path. It is certainly worth considering whether a similar mechanism could be used to ensure savers consider carefully options and associated risks in later life.
"There is also much that the pensions and investment industry can do – and is already doing - better to support savers, including clearer language and improved transparency. Putting all of this together could significantly improve overall levels of trust and confidence."
