TSIP responds to Age UK report
Commenting on the report from Age UK, Tony Stenning, Chairman of The Savings and Investments Policy project (TSIP) and Head of UK Retail at BlackRock said:
“The findings from the Age UK report demonstrate how important it is for us to educate savers on how best to access and manage their retirement savings. The new pension freedoms set to be introduced on April 6th is good news, as savers will be offered much greater flexibility in how they use their pension to meet their personal financial needs in retirement. Although this is a step in the right direction, there is still much to do in the UK to encourage people to save from an early age. We need to demonstrate the benefits of saving and who how best to manage these savings to ensure people are financially secure.
“When we published our first report in March 2014 we highlighted how a potential retirement tipping point would be reached in 2035 unless action was taken now. This has to change, which is why the financial services industry has come together with consumer bodies under this TSIP grouping to develop strategic proposals for new savings and investments policies which we hope will make saving easier and help rebuild consumer confidence and trust in long term savings. The findings from Age UK highlights the scale of the challenge facing both the industry and policy-makers to provide many people with the means to save and have that happy retirement.”
*The Savings and Investments Policy project is working with a wide range of financial service companies, trade bodies and consumer groups to develop these pan-industry proposals. It is directed by an Executive Committee formed of 16 leading financial services companies including Aviva, AXA Wealth, BNY Mellon, BlackRock, Ernst Young, Henderson, J.P. Morgan Asset Management, L&G, Lloyds Banking, Nationwide, Northern Trust, Old Mutual, the international law firm, Pinsent Masons, RBS, Threadneedle Investments and TISA.
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For further information, please contact:
TISA’s Savings and Investments Policy project
Tony Stenning – Tel: +44 20 7743 2922, Mobile: +44 7841 220 365
Issued on behalf of TISA by Newgate Communications
Alistair Kellie – Telephone: 0207 680 6558/Email Alistair.Kellie@newgatecomms.comDeborah Saw – Telephone: 0207 680 6552/Email Deborah.Saw@newgatecomms.com
Notes for Editors
TISA is a not-for-profit membership association operating within the financial services industry. We represent the interests of over 145 member firms involved in the supply and distribution of savings and investment products and services.
TISA has a highly successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve the performance of the industry and the outcomes for consumers. Policy and regulation continues to be the major focus for our members with regard to corporate responsibility.
TISA and its members’ remit is evolving into a clearer focus on pro-active consultation in the regulatory world in order to influence policy and associated regulation before its creation, rather than reacting to issued policy directives. This will help to ensure a more considered policy creation from the authorities. Website: www.tisa.uk.com