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Government faces calls to lay savings foundations

Government faces calls to lay savings foundations

Category: Savings

Updated: 08/04/2010
First Published: 08/04/2010

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The next government is to face calls to use its first 100 days in power to lay the foundations for a healthy savings culture in the UK.

The countdown to the General Election is on, with the public set to go to the polls on 6 May.

Friends Provident has said that the winning party should implement policy that gives Britons the freedom and confidence to become self reliant, and has called for saving to be encouraged and made easier.

As such, it has set out a range of key measures it believes should be enacted in the next parliament, including a simpler approach to personal financial policy that is currently lacking and less regulation.

As well as an assurance that their savings are safe, Friends Provident has urged the government to:

• Remove means testing and enable individuals to contribute into the auto-enrolment NEST pension scheme or another qualifying scheme, knowing their benefits wont be eroded

• Commit to pensions simplification

• Take politics out of pensions and introduce an independent body responsible for developing a long term savings strategy.

"We are calling on the new government to take some quick and decisive action that will make a real and positive difference to pensions and savings in the UK and will deliver the required confidence and freedom for people to make the most of their working lives and their retirement," commented Trevor Matthews, CEO of Friends Provident.

The company also urged the Government to make it easier for employers to offer good quality pensions to all staff..

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