Marvin OnumonuNucleus Financial Platforms has urged for greater political consensus around pensions and long-term savings policy.
The call came in an open letter to Pensions Minister Torsten Bell, and other key decision makers, renewing the push for an independent commission.
The letter, Nucleus’s third on the issue, highlighted concerns over the lack of public confidence in securing a comfortable retirement amid an uncertain pensions landscape.
Factors such as recent pension withdrawals, proposed Inheritance Tax changes on retirement funds, changes to lifetime allowance rules, and speculation around ISAs have contributed to savers’ hesitancy.
Nucleus argued that fostering confidence and knowledge in retirement planning is urgent as the Government focuses on economic growth.
The group believes that promoting long-term savings could strengthen individual retirement security and boost broader economic growth.
The letter follows the Nucleus Retirement Confidence Index, which showed many UK adults lack confidence and preparedness for retirement, emphasising the need for financial education and advice.
Andrew Tully, technical services director at Nucleus, said: “It’s never been clearer that the UK public needs to start planning and saving for later life much, much earlier.
“But they need support from a pensions system that is consistent, stable and encourages long-term saving.
“Automatic enrolment was a recommendation by a Pensions Commission reporting in 2004 and 2005, which has been a great step forward in encouraging more people to save for their retirement.”
Tully added: “However more needs to be done and we firmly believe that establishing an independent savings commission could again make balanced recommendations to encourage long-term savings, while promoting greater consistency in pension and savings rules.
“The Government clearly has a focus on boosting economic growth and is looking at the role pension savings can play in this.
“We firmly believe that their growth agenda will have more chance of succeeding if people feel confident to save and invest for their future.”
