TISA response to Automatic Enrolment Review
Responding to the publication of the Automatic Enrolment Review 2017: Maintaining the Momentum, Renny Biggins, Retirement Policy Manager at TISA said:
"We’re pleased the Government intends to lower the minimum auto enrolment age to 18 and remove the lower earnings limit so contributions are based on every pound earned, however it’s disappointing the changes will not take effect until the mid-2020s.
“For many young people just finishing education and moving into work, it is difficult to encourage saving for a pension as shorter-term goals take precedence. We hope this change will help instil a savings culture from a younger age, but we must continue to increase financial education in schools and deliver effective engagement solutions to help us build on the successes that Auto Enrolment has achieved to date."
Ends….
Issued on behalf of TISA by Atlas Partners, for further information please contact:Sarah Evans, telephone: 020 7183 7154 or 07717 058682, email sarah.evans@atlas-partners.co.uk Email: tisa@atlas-partners.co.uk
Notes for Editors
TISA is a unique, consumer focused membership organisation. Our aim is to improve the financial wellbeing of UK consumers by aligning the interests of people, the financial services industry and the UK economy. We achieve this by delivering innovative, evidence based proposals to government, policy makers and regulators. TISA’s growing membership comprises more than 170 firms involved in the supply and distribution of savings and investment products and services. These members represent all sectors of the financial services industry, including asset managers, insurance companies, fund managers, distributors, building societies, investment managers, third party administrators, FinTech, consultants and advisers, software providers, financial advisers, pension providers, banks and stockbrokers. Current themes of TISA policy work include:• Brexit: developing proposals for government that will enable the savings and investments sector to prosper on a global scale
• Digitalisation: a digital identity for consumers of financial services, innovation, standards and data responsibilities
• ISA’s: LISA, simplification of the regime
• Retirement saving: the Auto Enrolment review, self-employed and pension tax relief
• Housing: the use of property to supplement retirement income
• Guidance: developing a framework and services to make guidance more widely available
• Education: supporting the education of young people to make them aware of the impact of finance on their life.
TISA also provides support on a range of operational and technical issues targeted at improving infrastructure and processes, standards of good practice and the interpretation and implementation of new rules and regulations. TISA has a successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve industry effectiveness by reducing cost and risk and to enhance customer outcomes. This work currently includes: MiFID II, CASS, the UK Fund Trading & Settlement initiative and Payments Strategy Forum. TISA Exchange (TeX) is providing a model for transfers and re-registrations.
Website: www.tisa.uk.com