Action is needed to get people saving more: Leading think tank responds to Treasury Committee report

Jul 27, 2018 | NEWS

Commenting on today’s (26 July) Treasury Select Committee report which argued that the “Government must act now to tackle looming crisis from 12 million pension under-savers”, Ben Franklin, Assistant Director of Research and Policy at the International Longevity Centre – UK (ILC-UK) said:

“Auto-enrolment has successfully led to millions more saving each month towards a pension, but the Committee is right to call for action to get people saving more. We are pleased they support our recommendations to consider automatic escalation of pension contributions for some individuals, and we agree that a strategy is needed to automatically-enrol the self-employed.

“With pension freedom comes pension responsibility, however the general public deserve support in navigating the often complicated world of decumulation. The International Longevity Centre has been calling for default guidance to ensure people receive support before accessing their pension pots, and are pleased the Committee join us in recommending this.”