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CBI supports plan for clearer pension charges

24 August 2012

The Confederation of British Industry (CBI) has revealed that it is backing proposals from the Association of British Insurers (ABI) to make pension charges clearer for consumers.

Head of pensions policy at the CBI Jim Bligh stated it should improve understanding of pension products among members of the general public.

He explained this in turn could lead to a rise in the number of people saving, as it will show them the clear benefits of putting money away for their future to ensure a comfortable retirement.

The ABI's plan is designed to improve transparency across the whole of the pensions industry, as well as to raise consumer confidence ahead of the introduction of auto-enrolment by the coalition government this autumn.

Proposals

It has sent a joint letter to the Pensions Regulator and the Financial Conduct Unit of the Financial Services Authority laying out its proposals for the pension industry in the UK.

Director-general of the ABI Otto Thoresen said: "While charges for contract-based pensions have reduced dramatically in recent years, we must ensure that, across all types of defined contribution pensions, information on charges and costs is available, clear and meaningful and helps employees make the right decisions about their pension."

For those who are concerned about being able to raise enough cash to have a long and happy retirement, there are a wide range of financial products on the market that can help.

Equity release

Homeowners who have lots of assets but not much money in the bank may decide equity release is the right choice for them, as it allows them to unlock cash from the value of a home.

The money does not need to be paid back until after the homeowner has passed away and the cash raised from such schemes can be used for anything - from making improvements to a property, paying for a holiday or a grandchild's university fees or helping a member of the family to put down a deposit for their own house.

Individuals who want to find out more about how equity release could be useful for them should get in touch with Key Retirement Solutions for all the information they need to make a decision.

Posted by Claire FordADNFCR-2572-ID-801435762-ADNFCR