NEWS:

 

Commenting on today’s (26 July) Treasury Select Committee report which argued that the “Government must act now to tackle looming crisis from 12 million pension under-savers”, Ben Franklin, Assistant Director of Research and Policy at the International Longevity Centre – UK (ILC-UK) said:

“Auto-enrolment has successfully led to millions more saving each month towards a pension, but the Committee is right to call for action to get people saving more. We are pleased they support our recommendations to consider automatic escalation of pension contributions for some individuals, and we agree that a strategy is needed to automatically-enrol the self-employed.

“With pension freedom comes pension responsibility, however the general public deserve support in navigating the often complicated world of decumulation. The International Longevity Centre has been calling for default guidance to ensure people receive support before accessing their pension pots, and are pleased the Committee join us in recommending this”.


Notes to Editors:

1) The Treasury Select Committee’s report ‘19th Report - Household finances: income, saving and debt’ was published on 26 July 2018 and is available here: https://publications.parliament.uk/pa/cm201719/cmselect/cmtreasy/565/565.pdf

2) The International Longevity Centre – UK submitted written evidence to the Treasury Select Committee’s inquiry, which is available here: http://data.parliament.uk/writtenevidence/committeeevidence.svc/evidencedocument/treasury-committee/household-finances-income-saving-and-debt/written/76711.html

For media enquiries, contact: Jon Date at JonDate@ilcuk.org.uk or 020 7340 0440

About: The International Longevity Centre – UK (ILC-UK) is a futures organisation focussed on some of the biggest challenges facing Government and society in the context of demographic change.

Much of our work is directed at the highest levels of Government and the civil service, both in London and Brussels. We have a reputation as a respected think tank which works, often with key partners, to inform important decision-making processes.

Our policy remit is broad, and covers everything from pensions and financial planning, to health and social care, housing design, and age discrimination. We work primarily with central government, but also actively build relationships with local government, the private sector and relevant professional and academic associations.

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“Auto-enrolment has successfully led to millions more saving each month towards a pension, but the Committee is right to call for action to get people saving more. We are pleased they support our recommendations to consider automatic escalation of pension contributions for some individuals, and we agree that a strategy is needed to automatically-enrol the self-employed."

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The independent think tank the International Longevity Centre – UK (ILC-UK) is seeking a summer intern to start on Monday 23 July. The intern would work 4 days a week for a period of 4 weeks, with the possibility of extension.

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