The Pensions and Lifetime Savings Association has commented on the Centre for Policy Studies proposal to introduce auto-protection to complement auto-enrolment in its report Auto-protection: auto-drawdown at 55, auto-annuitisation at 80.
Commenting on the report, Nigel Peaple, Deputy Director DC, Lifetime Savings and Research, Pension and Lifetime Savings Association said:
"Michael Johnson's paper joins a growing consensus that retirees should not just be left to make complex financial decisions without support. His proposals for a simplified drawdown product on retirement backed up by a default annuity at age 80 deserves serious consideration. It will be important to support such an initiative with advice and free guidance. Good consumer outcomes are vital and we need to make sure that the path of least resistance leads to the stable retirement income retirees say they want.”
NOTES TO EDITORS
THE PENSIONS AND LIFETIME SAVINGS ASSOCIATION
We’re the Pensions and Lifetime Savings Association; the national association with a ninety year history of helping pension professionals run better pension schemes. Our members include over 1,300 pension schemes with 20 million members and £1 trillion in assets, and over 400 businesses. They make us the voice for pensions and lifetime savings in Westminster, Whitehall and Brussels.
Our purpose is simple: to help everyone to achieve a better income in retirement. We work to get more money into retirement savings, to get more value out of those savings and to build the confidence and understanding of savers.
MEDIA CONTACTS FOR THE PENSIONS AND LIFETIME SAVINGS ASSOCIATION
Lee Blackwell, Head of Media & PR, Pensions and Lifetime Savings Association
T: 020 7601 1726, M: 07713 073 023, E: firstname.lastname@example.org
Babak Mayamey, PR Manager, Pensions and Lifetime Savings Association
T: 020 7601 1718, M: 07825 171 446, E: email@example.com
Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association
T: 020 7601 1748, M: 07901 007 713, E: firstname.lastname@example.org