30 Nov 2005
Prudential plc response to Pensions Commission report: A New Pension Settlement for the Twenty-First Century
The Pensions Commission published its second report today. Prudential's initial response to this report is as follows:
Mark Tucker, Group Chief Executive of Prudential plc, said: "We welcome the publication of this Report and the Government's recognition of the need to have both State and private pension provision that is sustainable over the long term, and which is soundly-based and affordable.
“The subject is highly complex, with many overlapping issues and competing priorities, and there are no easy solutions. However, we now have the framework for a national debate. It is vital that this now leads to actions to establish an enduring and simplified pensions regime, combining affordable State-funded provision with real incentives and rewards for individuals prepared to save from their income to fund their retirement.
“It is important that consumers understand the need to save to build up a fund that will ensure an adequate income throughout their retirement, and are confident that their savings will have a material impact.
“Prudential, with its extensive experience of pensions savings, will continue to play an active role in this debate, and in helping to shape the new structure.”
ENDS
Enquiries to:
Prudential plc
Jon Bunn – 020 7548 3559
William Baldwin-Charles – 020 7548 3719
Prudential UK
Steve Colton – 020 7150 3136
*Prudential plc, a company incorporated and with its principal place of business in the United Kingdom, and its affiliated companies constitute one of the world's leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for over 150 years and has £187 billion in assets under management, (as at 31 December 2004). Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.