Reacting to the publication of the UK Government’s Work and Pensions Committee second stage report on its inquiry into accessing pension savings, Leah Evans, Pensions Board Chair at the Institute and Faculty of Actuaries (IFoA), said:
18 January 2022
Reacting to the publication of the UK Government’s Work and Pensions Committee second stage report on its inquiry into accessing pension savings, Leah Evans, Pensions Board Chair at the Institute and Faculty of Actuaries (IFoA), said:
“We are pleased to see the recommendation in today’s report from the Work and Pensions Committee that the Government should continue to support the development of Collective Defined Contribution (CDC) schemes in the UK. CDC schemes are a potential innovation for pension savers and this report is a further welcome step in developing practical, innovative schemes for willing employers in the UK.
“The Committee’s inquiry continues to shine a light on the challenges that exist for the modern pension saver and to offer solutions. We look forward to continuing this debate and the consideration of issues like the viability of multi-employer CDC schemes.”
Commenting on yesterday’s Government response on a stronger nudge to pension guidance, Leah Evans said:
“We support the view that a stronger nudge is beneficial for pension savers in the UK. Providing more Pension Wise advice sessions before retirement will help consumers to consider the pros and cons of drawdown and the opportunity to better understand which product will best meet their needs.
‘”In our Great Risk Transfer report, the IFoA recommended specific and ambitious targets to achieve an increase in take-up by individuals of Pension Wise appointments before accessing their pension. This announcement should help to generate more Pension Wise appointments and lead to better outcomes for pension savers.”
Commenting on yesterday’s Government response on a stronger nudge to pension guidance, Leah Evans said:
~ENDS~
Contact
Sonia Sequeira, Media Relations Manager, IFoA
Tel: 07525 592 198
Email: sonia.sequeira@actuaries.org.uk
Notes to Editor
About the Institute and Faculty of Actuaries
The Institute and Faculty of Actuaries (IFoA) is a royal chartered, not-for-profit, professional body.
Research undertaken by the IFoA is not commercial. As a learned society, research helps us to fulfil our royal charter requirements to further actuarial science and serve the public interest.
Actuaries provide commercial, financial and prudential advice on the management of a business’s assets and liabilities, especially where long term management and planning are critical to the success of any business venture. They also advise individuals, and advise on social and public interest issues.
Members of the IFoA have a statutory role in the supervision of pension funds and life insurance companies. They also have a statutory role to provide actuarial opinions for managing agents at Lloyd’s of London.
Members are governed by the Institute and Faculty of Actuaries. A rigorous examination system is supported by a programme of continuing professional development and a professional code of conduct supports high standards reflecting the significant role of actuaries in society.
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