01/04/03

Commenting on the announcement today by the Department for Work and Pensions that Sir Peter Davis has been appointed to chair the new Employer Task Force on pensions, Peter Hales, Sales & Marketing Director of Norwich Union Life said:

“This new Task Force has a key role to play. The reason employers are vital to success in terms of pensions is that the workplace is where many of those who are currently under pensioned, but who could afford to save more, are most often to be found.

“We need a new, concerted communications approach involving the Government, employers and the pensions industry to get the important messages across, namely that people are living longer and need to be saving an increasing proportion of their current income.

“As part of this communications approach, it is critical that more is done to properly engage and incentivise employers to start championing the cause of company related pensions with their employees. Employers need to be actively involved in the process and must be willing supporters of employee pension provision. There is a danger that employers currently have little reason to be enthusiastic about being a focal point for pension provision, advice or information and this will need to change”.

Provided by Norwich Union