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Closing the savings gap is the top priority for government, says ABI

The Association of British Insurers yesterday announced that reducing Britain&#39s £27bn annual savings gap should be a top government priority.

Commenting on yesterday&#39s announcements on the Sandler suite of products, Mary Francis, director-general of the ABI, says: “This decision is a step in the right direction. The government has recognised that the 1% price cap on stakeholder pensions was hindering saving, not helping it.

“But the new price cap is certainly not generous, and the test of today&#39s announcements will be whether they lead to a real increase in the overall level of saving.”

Francis adds: “The savings industry backed Ron Sandler&#39s proposals for simpler savings products from the start. But we pointed out that a 1% charge is simply not enough to enable firms to make a viable return on sales to customers with relatively modest incomes.

“But more also needs to be done in other areas, for example through the government&#39s Informed Choice programme, to encourage additional savings and help everyone make sensible provision for their retirement.”

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