11 Jul 2002
Prudential welcomes the Pickering Report
Welcoming Alan Pickering's report, Prudential Group Chief Executive, Jonathan Bloomer, said: “The report sets a radical agenda for the forthcoming crucial debate to find a practical way forward for pensions in the UK”.
Removal of barriers to saving for retirement is crucial, and in particular Prudential welcomes:
- Significant simplification of the types of pension arrangement;
- Streamlining of legislation;
- Recognition of the workplace as a key environment for encouraging pension provision.
To achieve even greater simplification, fundamental changes to pensions tax will also be required. Prudential hopes that the Inland Revenue review will propose the necessary changes to help achieve this.
It is essential that the Government brings together all the reviews currently being undertaken and seizes the opportunity to work closely with the industry and regulators to create a single package of measures aimed at reducing the UK savings gap. Given the long-term nature of pensions, the Government should be encouraged to look for a political consensus on the measures proposed.
The Report itself contains much detail and it will take some time to work through each of the individual recommendations and consider their implications. Prudential looks forward to taking an active role in the ongoing consultations.
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