Standard Life comments on closure of the Government's 'pot for life' consultation

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Gail Izat, Managing Director for Workplace at Standard Life, part of Phoenix Group said: “The idea of a pot for life system is an intriguing one that could simplify pensions for many savers. However, realistically it’s a long term initiative that will require a great deal of groundwork before it is made a reality. Australia provides the most clear template for this model but even there its introduction came from a less complex market backdrop and was the culmination of many years of reforms that consolidated the pensions system, created a robust data sharing framework and established high quality clearing houses. The UK is already on the journey to creating this infrastructure through other initiatives, like the pensions dashboard and small pots work but they need to be completed before a pot for life system becomes viable. There are other changes we would like to see prioritised including a greater focus on savings adequacy and the extension of auto-enrolment and an increase in contribution rates in the shorter term”.