Deputy prime minister and leader of the Liberal Democrat part Nicky Clegg met with Friends Life earlier on in the week to talk about the various obstacles the pension industry have been having to overcome.
Clegg suggested at the meeting that pensions should be removed from politics completely, meaning short term party policies don’t get in the way of the ultimate goal of long term saving.
Pensions minister Steve Webb also joined the talks, as did several pensions experts from Friends Life, including Martin Palmer, the head of corporate pensions.
Palmer said, “This was a great opportunity for Friends Life to share our thoughts on the future of long-term savings with two senior government ministers,” before adding he was “delighted” that the government duo had taken the time out to come and discuss matters with them.
Webb told the pair that he felt setting any form of monetary goal for pensions could be intimidating for the general public, and urged them not to introduce one.
The government concluded earlier this week that there wasn’t enough evidence to suggest allowing early access to pension release would boost the amount of money people saved for their future, and abandoned the idea.