Queen's Speech: PwC comments on Pensions

Published at 15:44 PM on 18 May 2016

Raj Mody, head of PwC’s pensions consulting business, commented:

“The details will be important, but the Pensions Bill measures appear sensible changes to help improve outcomes for savers and for people seeking to use the new pensions flexibilities.

“However, following the announcement of Lifetime ISAs (LISAs) earlier this year, the Government still has much to do to join the dots on its wider reform agenda. In particular, LISAs as currently described cannot be used for auto enrolment purposes and so risk further confusing the pensions and long-term savings market”.

PwC’s Pensions Forum event on 12th May 2016, which was attended by HR directors of several leading UK firms, found that a key concern was how LISAs might now interact with current pension provision in order to incentivise additional saving and build on the successes of auto enrolment.

Raj Mody commented:

“For larger employers looking to recruit and retain the best staff, how they reflect the emergence of LISAs in existing reward structures and budgets will be a key concern in the next year. For many smaller employers now embarking on the final wave of auto enrolment the expected emergence of LISAs offers additional complexity, as employees seek to balance competing savings needs.

“With a wider government review of auto enrolment planned in 2017, it will be essential that this includes the big picture question of how LISAs interact with auto enrolment and the wider pensions landscape.”



For more information please contact Felix Ampofo. [email protected] /020 7213 3646




About PwC

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 208,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. © 2016 PwC. All rights reserved

« Queen's Speech 2016: insurance in a digital age....and with driverless cars | Homepage | Queen's Speech 2016: PwC comments on the Prison and Courts reform bill »

  • Contact us
  • +44 (0) 20 7213 1768

Specific and out of hours contacts