Government plans for personal pension plans could boost the amount of savings being made, an expert has predicted.
The Association of British Insurers states that it is "enthusiastic" about the proposals, claiming that they will increase total levels of saving and help to provide a better retirement income.
Stephen Haddrill, director general of the Association of British Insurers, made the remarks in the wake of a new report, titled Making a Success of Personal Accounts, in response to government proposals.
"Many people have expressed doubts around the details of personal accounts. So we have talked with employer organisations, consumer groups and other parts of the financial services industry, as well as government, to ensure that our proposals address their concerns," he comments.
"Our proposals for implementing them will lift overall levels of saving and help increase incomes in retirement, particularly for people on low or modest incomes."
However, the government's proposals for auto-enrolment in a new National Pension Savings Scheme have not been well received by many experts, with some predicting that organisations could contribute less to company pensions.
Personal accounts improve pension saving, study shows
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