Sunday, Jun 13, 2010
Um.. just put interest rates back up. Done.
BBC News: UK savings system needs reform, says think tank
This is why the housing bubble is being maintained, interest rates are so low there's no incentive to save.
The UK's savings system needs to be reformed in order to encourage people to save more money, a report says.
The Centre for Policy Studies think-tank says the current system is too complicated and puts people off saving the money they need in retirement.
It proposes combining the pension and Individual Savings Account (Isa) regimes, with an overall contribution limit of £45,000.
It also suggests letting people access their pensions before they retire.
Specifically, they should be able to draw down up to 25% of their fund prior to retirement.
They should also be allowed to pass on any unused savings to their heirs, tax-free, the report says
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