Comparing pensions to bank accounts 'irresponsible', ABI chief warns

Speaking at a Work and Pensions Committee hearing, director general Huw Evans said it was essential the correct language was used when communicating with consumers about the government’s pension reforms. The package of reforms introduced in April handed over-55s complete access to their defined contribution pension pots, subject to taxation. It has previously been suggested that pensions could eventually be seen in a similar way to bank accounts, however, Evans said the concept was too simplistic. He said: “If I could rub a lamp 'Aladdin-style' and have a few wishes certainly one ...