LV= highlights importance of government action on savings

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LV= highlights importance of government action on savings

Tue 15th Jun 2010

The government must come forward and support people's long-term saving efforts if such a culture is going to develop in the UK, a spokesperson for LV= has suggested.

Head of pensions at the firm Ray Chinn made his comments in response to a statement by the Centre for Policy Studies (CPS), which suggested the country would benefit from encouraging people to save.

"We're encouraged by the chancellor's recent noises on long-term saving and the Emergency Budget will be an early high profile opportunity for him to renew public interest," he said.

Mr Chinn suggested the proposals by the CPS warrant "serious exploration" and urged the government to support investment in pensions and long-term savings products.

He highlighted research by LV=, which showed that four times as many over-50s are expecting to be financially worse off during the coalition government than those who think they will be in a more positive position.

The firm recently announced that it has appointed Clare Lucas as equity release product development manager and suggested her role will be "key" in the future.

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