Standard Life calls for pensions calculator reassurance

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Standard Life calls for pensions calculator reassurance

Wed 24th Nov 2010

A new report from Standard Life has called on the government to provide greater reassurance that the new auto-enrolment scheme will be a success.

It is one of several savings-related recommendations that the company is lobbying for alongside Life Academy.

Standard Life suggested one way the government could support the pension reforms is by reconsidering how the benefits system is affected by individuals' savings.

John Lawson, head of pensions policy at the firm hailed the impact of Everyone Needs A Plan - a collaborative study conducted with Life Academy that showed 28 per cent of adults actively choose not to save.

In his view, the state needs to make it easier for people to save, adding: "The speed at which the population is ageing has created a dramatic need to shift from a culture of borrowing to one of saving."

Responding to the two organisations' report, the Institute of Financial Planning claimed it could not have had a more appropriate title, since everyone should have a savings plan.

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