ABI urges early pension enrolment

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ABI urges early pension enrolment

The Association of British Insurers (ABI) has issued a statement urging the government to allow auto-enrolment on employer pension schemes to start earlier than they have currently planned.

Following the passing of the Pensions Act last year, employers will automatically have to enrol their staff on pension schemes by 2012 unless employees specifically ask them not to.

However the ABI wants the government to enable the automatic enrolment process to begin earlier on a voluntary basis.

Maggie Craig, the ABI's director of life and savings, said: "Right now there are almost five million employees who could be members of their workplace pension, getting contributions from their employer and free money from the government."

When the pensions act was introduced by Gordon Brown's government late last year, the ABI hailed it as "a landmark in pension reform".

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