PLSA comments on the Work and Pensions Committee's new inquiry

The Pensions and Lifetime Savings Association (PLSA) has today commented on the Work and Pensions Committee's new inquiry The Pensions Freedoms Inquiry.

Graham Vidler, Director of External Affairs, Pensions and Lifetime Savings Association, commented:

“The freedom for people to spend their pension pots is a good thing. However, the choices are now much harder for consumers. The vast majority (84%) of retirees tell us they want an income from their pension savings but there is no simple route for them to achieve this.

“Alongside the FCA’s retirement outcomes review, we see today’s announcement of a Work and Pensions Committee inquiry as critical to making the market work in the interests of consumers.”

-Ends-

NOTES TO EDITORS

The PLSA set out its proposed approach to the reform of the retirement products market on 15 September in our response to the FCA. The document can be found here.

Research – From the PLSA’s Report “Pension Freedoms Breaking the Deadlock” – Research Undertaken in March/April 2015 – on more than 1,100 people aged 55 to 70 (Link to Full Report)

PRESS CONTACTS

Lee Blackwell, Head of Media & PR, Pensions and Lifetime Savings Association

T: 020 7601 1726, M: 07713 073 023, E: [email protected]

Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association

T: 020 7601 1748, M: 07901 007713, E: [email protected]

ABOUT 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.