TISA comments on ‘vital’ pension reform proposals
Commenting on the green paper proposals in ‘A state pension for the 21st century’ Malcolm Small, Director of Policy at TISA said:
“Bold action is needed now on state pension reform and this paper has the potential to deliver it, providing a decent, affordable, basic state pension as of right for most future pensioners.
“Under Option 1 for reform in the paper, an acceleration of existing reforms is proposed, with state second pension becoming flat rate in 2020 instead of 2030 as now. We favour Option 2, which would deliver a flat rate basic state pension much sooner, and is the more radical option. People are crying out for simplicity and clarity in the state pension system. The sooner we can deliver it, the clearer and more urgent the incentive will be for the UK population to save more for its own future.
“This is the single most vital pension reform this Government can undertake. Without it, all other reform efforts are tinkering at the edges. There is consensus in the savings policy community that radical action is needed here; we must hope for at least some political consensus.”
Ends……
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 Editors
The 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.