6 September 2006
The Association of British Insurers (ABI) has launched a new initiative to ensure new personal accounts are delivered to pension savers by 2010.
In response to the government's recent pensions white paper, the ABI has launched 'Making a success of Personal Accounts'.
Key proposals in the ABI plans include personal accounts which are targeted at people with little or no savings, promoting higher levels of financial capability and ensuring a good quality service.
Stephen Haddrill, ABI director general, said: "The insurance industry is enthusiastic about the government's plans for Personal Accounts. Our proposals for implementing them will lift overall levels of saving and help increase incomes in retirement, particularly for people on low or modest incomes.
"Many people have expressed doubts around the details of Personal Accounts. So we have talked with employer organisations, consumer groups and other parts of the financial services industry, as well as government, to ensure that our proposals address their concerns."
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