Pensions - Articles - AXA Wealth comment on Workplace Retirement Income Commission

 Mike Morrison, head of pensions development at AXA Wealth, comments on yesterday's findings from The National Association of Pension Funds in a report by the Workplace Retirement Income Commission:

 "A great deal has been done to inform and educate the country on the importance of long term savings, and there is evidence that the message is getting through. However, the need for positive action on communication by the government and regulators should not be overlooked. Governments have presided over increasing layers of legislation designed to simplify pensions but for the average consumer this has complicated matters further. For some this has looked like 'death by a thousand cuts'.  The introduction of auto-enrolment in 2012 and the RDR the year following seems to me an ideal time to focus any communication programme. We are running out of opportunities to get this right.

 "To address this growing social problem there should be greater openness from all parties, including policy makers and providers so that people are clear on what they need to save to have sufficient income in retirement, before it is too late to plan. We have long been an advocate of transparency and simplicity across both the private and state pensions sector."