Guest comment: An intergenerationally coherent saving strategy

I became ACA chair on 1 June, following our outstanding first female chair, Jenny Condron.

The ACA’s policy priorities for my two-year term centre on a single goal: An intergenerationally coherent UK saving strategy.

The four components needed for this are already underway.

Adequate savings: Individuals need to understand the cost of a good retirement and the online tools to help them plan for it financially. This inextricable from later life social care costs.

Taxation and products: Our message is simple; society needs a simple, intergenerationally fair tax system. Short-term cuts to the tax incentives to save help nobody.

Balancing costs between current and previous workers’ pensions: The new funding code of practice must go ahead, delivering simplicity for small schemes and flexibility for large schemes. It will also need to balance pension costs with business recovery following Covid-19.

Tackling climate risk: Climate risk is an existential threat to us all. Actuaries have a unique role to play, specialising in long-term risk, with oversight of trillions of pounds of long-term savings.

The UK faces economic challenges not seen in generations. The ACA will work with the
government to keep momentum with existing policy agendas and deliver an intergenerationally coherent UK savings strategy.

We see a future where everyone can save for their future easily, digitally and in environmentally conscientious ways.

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