ABI Partnership Pensions model proposed

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ABI Partnership Pensions model proposed

Fri 10th Feb 2006

A new ABI Partnership Pensions programme has been announced today.

The proposal is claimed to be the private sector alternative to the National Pensions Savings Scheme (NPSS).

It is also asserted by the ABI that its plan will have lower startup and running costs than the NPSS for the initial ten years.

Methods to control charges and contribution levels through an economic regulator have also been put in place.

Director general of ABI Stephen Hadrill said: "Partnership Pensions builds on the best features of the Pension Commission's proposal and existing private provision.

"We firmly believe that the private sector can deliver Adair Turner's goals more effectively than the state."

The ABI Partnership Pensions scheme is the association's response to the proposal from Stephen Timms, the minister for pensions reform, for the private sector to offer an alternative to the NPSS.

Member companies of the ABI number almost 400 and comprise 94 per cent of Britain's insurance industry.

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