ABI welcomes Pensions Act 2008

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ABI welcomes Pensions Act 2008

Fri 28th Nov 2008

The Association of British Insurers (ABI) has hailed the Pensions Act 2008 as a "landmark in pension reform".

According to the association there is still a lot of work to be done to make sure the provisions of the act are implemented properly, but Maggie Craig, the ABI's director of life and savings, welcomed the government's move.

She said pension providers are in favour of providing automatic enrolment and are willing to get cracking as soon as possible.

Ms Craig added: "We commend the government on its reforms.

"Automatic enrolment has the potential to bring millions of current and future employees into pensions, helping them build up savings for a comfortable retirement."

The ABI said the law would continue to enjoy its support.

Earlier today work and pensions secretary James Purnell said that the act meant that by 2012, every working adult, whatever job they did, would have access to a pension plan.

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