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Press Release For immediate release Date   January  TI Press Release For immediate release Date   January  TI

Press Release For immediate release Date January TI - PDF document

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Uploaded On 2015-04-30

Press Release For immediate release Date January TI - PPT Presentation

The end of the State Second Pension will also help simplify an arcanely complex state pension system and help give prospective pensioners a clear idea of what the state will provide DQGMXVWDVLPSRUWDQWOZKDWLWZRQW7KHVHSURSRVDOVDUHQRWSHUIHFWLWKWKHHQG R ID: 57479

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Press Release For immediate release Date : 14 January 2012 TISA comments on “Single Tier” pension White Paper Malcolm Small, TISA Director of Policy said : “The introduction of a flat rate state pension, with an end to means tested retirement inco me benefits, has always been essential if pension saving were to make sense for modest earners. The end of the State Second Pension will also help simplify an arcanely complex state pension system, and help give prospective pensioners a clear idea of what the state will provide – and just as importantly, what it won’t. These proposals are not perfect. With the end of “contracting out” there will be more NI to pay for many employers, and employees. The prospect of a “cliff edge” in April 2017, where those re tiring one day are stuck with the old system and those the next day are on the new system, is hardly appealing. And there will be some losers in terms of state pension outcomes. But the greater good is served by having a simple, understandable, state pensi on, which gives a clear platform and incentive for additional saving. We have argued for a flat - rate basic state pension for years. “ Alongside automatic enrolment into pension saving, this is a vital reform that many thought would never see the light of d ay. The task now is to build consensus around it and push on to implementation, hopefully in 2017.” Ends…… For further information, please contact: Malcolm Small, Director of Policy, Mobile: 07989 500771 Email:malcolm.small@tisa.uk.com Issued on be half of TISA by Cauldron Consulting , contact Steve Radford - Tel: 020 3178 7238 , Mobile: 07889 903786 Email: steve.radford@cauldron - consulting.com Notes for Editors The Tax Incentivised Savi ngs Association (TISA) TISA is the premier industry funded body in the UK retail savings and investment industry. By engaging with member firms, government, political parties, regulators and consumer groups TISA’s ultimate goal is always to further consum ers’ best interests. It seeks to improve the range, features and quality of savings and investment schemes available whilst encouraging more people to save for their financial security and peace of mind. Uniquely, TISA is able to articulate the opinions of the whole savings and investments marketplace through its membership comprising over 1 3 0 member firms involved in the supply or distribution of products . TISA’s remit extends across the broad spectrum of savings vehicles & services and centralised inve stment propositions . www.tisa.uk.com