TISA applauds move towards pension simplification
Responding to the announcements on pensions in today’s Budget Malcolm Small, TISA Director of Policy says:
“The Chancellor is quite right that simplification of our complex state pensions system is essential. The confirmation of a move towards a new single tier pension at a flat rate and currently worth around £140 per week is therefore good news. The sooner this is implemented the better. However we do need to see further details about the level of contributions that this will be based on as this implies a continuation of a means-tested benefits regime, which would be undesirable.
“The confirmation of the increase in the state retirement age to 66 in 2020 is an acknowledgement of increasing life expectancy. I am also cautiously optimistic that the new automatic mechanism to increase the state pension age will be effective. But we will need to accelerate the speed of travel towards a higher state retirement age if we are to adequately fund the UK’s pensions system."
For further information, please contact:Malcolm Small, Director of Policy, Mobile: 07989 500771 Email:malcolm.small@tisa.uk.com
Issued on behalf of TISA by Cauldron Consulting, contact Steve Radford – Tel: 020 3178 7238, Mobile: 07889 903786 Email: steve.radford@cauldron-consulting.com
Notes for EditorsThe Tax Incentivised Savings Association (TISA)TISA is the premier industry funded body in the UK retail savings and investment industry. By engaging with member firms, government, political parties, regulators and consumer groups TISA’s ultimate goal is always to further consumers’ best interests. It seeks to improve the range, features and quality of savings and investment schemes available whilst encouraging more people to save for their financial security and peace of mind.
Uniquely, TISA is able to articulate the opinions of the whole savings and investments marketplace through its membership comprising over 120 member firms involved in the supply or distribution of products. TISA’s remit extends across the broad spectrum of government sponsored savings and investment vehicles.