X

X

Aegon comments on the Work and Pension Select Committee third and final inquiry into pension freedoms

Money jar with pension written on

Kate Smith, Head of Pensions at Aegon comments on the Work and Pension Select Committee third and final inquiry into Protecting pension savers – five years on from the pension freedoms: Saving for later life. The deadline for written evidence is 2 February 2022.

“The Work and Pensions Select Committee has published its third and final inquiry looking at the impact of the pension freedoms five years on, this time focusing on ‘Saving for later life’. This is a wide-ranging inquiry looking at retirement income adequacy and how best savers can be supported to help the employed and self-employed save for retirement, including improvements to auto-enrolment, greater advice and guidance and closing the gender pension gap.

“There’s an increasing concern that people aren’t saving enough for retirement and without greater support or intervention, too many will be heading towards poverty in retirement. Pensions are closely linked with the world of work.  Work patterns have changed dramatically since the advent of auto-enrolment in 2012, with a growth in part-time working, self-employment and gig-workers, while the pensions gender gap is at risk of widening due the direct impact of Covid. Auto-enrolment and saving for later life needs to be fit for today’s working practices and preferences. To start with, the government must implement the 2017 review of auto-enrolment recommendations at the earliest opportunity, and then look at the best way to nudge UK workers into saving more to secure their financial futures.”

This Week’s Most Read

  • Baronsmead VCTs exit first sterling unicorn after Ideagen sale

    Gresham House’s Baronsmead VCTs have exited their stake in compliance software business Ideagen following its sale to private equity firm Hg Capital. The deal values

  • Fund Research Governance: is ‘fine’ good enough?

    Written by Laura Bampfylde, Director, Global Assets – Wealth, at Redington One of the most enlightening books I’ve read was written by husband-and-wife psychologists, Alan

  • ONS: Repossessions by county court bailiffs increase from 45 to 770 (1,611%)

    Following the latest Mortgage and landlord possession statistics published this morning, which reveal repossessions by county court bailiffs increased from 45 to 770 (1,611%) between

  • Creating a profitable HNW/LNW advice service in specialist markets

    By Simon Binney, Business Development Director, Wealth Wizards For financial planning firms targeting new clients, often the problem is not attracting clients to their business,

  • PIMCO: US CPI Preview

    By Tiffany Wilding, North American Economist, and Allison Boxer, Economist at PIMCO  This week focus turns to inflation, where recent commodity price weakness will become

  • #Podcast episode 7: JM Finn’s Sir John Royden on his superhuman swim for The Brain Tumour Charity

    This week’s podcast episode is something a bit different for IFA Talk…but certainly not an episode to be missed! Sue and Bex talk to Sir

  • FCA issues letter to alternative investment firms’ CEOs – experts comment

    The FCA has today issued a six page letter to CEOs of alternative investment firms about their supervisory strategy for such firms. David Newman, chief

  • Tackling Burnout in Financial Services

    Financial services professionals are increasingly suffering with stress which can often lead to burnout – a state of physical and emotional exhaustion. Latest research tells

  • PIMCO’s Tiffany Wilding: The Era of Kinder, Gentler Central Banks Is Over

    By Tiffany Wilding, PIMCO’s North American Economist Last week, the Bank of England (BoE) was the first major central bank to admit that it is

  • Advisers concerned clients are risking HMRC fines over trusts

    Advisers are concerned about their clients risking HMRC fines, by failing to register trusts with the Trust Registration Service (TRS) by 1st September, according to

Latest IFA Magazine Podcast Episodes

Keep updated on the most important financial events 

Make sure you are an informed

wealth professional..

Adblock Blocker

We have detected that you are using

adblocking plugin in your browser. 

IFA Magazine