Plans for a partnership between the Department of Work and Pensions (DWP) and private investors to boost UK pensions were outlined by a leading investment manager.
The Investment Management Association's chief executive Richard Saunders called for better co-operation between the DWP and government, and private investors.
He believes that UK pensions could get a necessary boost if Britons are encouraged by the DWP and private investors to use private investment funds to save money for their pension.
As one of a few UK pensions solutions, Mr Saunders estimated that this pension plan would give the investment industry a £10 billion boost, and improve the levels of people who save money towards pensions.
He said the key pointer to moving forward is the idea of a partnership between the DWP and government and private investment firms.
"This has become commonplace in other areas of government, but has not so far reached state pensions," he told delegates at the IMA Conference.
He added that this is one of a few UK pensions solutions, and would help people to save money for better a pension plan.
Mr Saunders predicted that in future, UK pensions would require people to save money, rather than being a form of insurance.
DWP and investors co-operation could save UK pensions
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DWP and investors co-operation could save UK pensions
Fri, 17 Jun 2005
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