Independent advice 'vital', warns insurance chief
Eagle Star Insurance CEO Michael Brennan today warned that the burden of providing for retirement will increasingly fall solely on individuals.
Speaking at the annual general meeting of the European Federation of Insurance Intermediaries (BIPAR) today, he stated that governments and employers across Europe are attempting to reduce their current commitments on pension funding.
“Across Europe we are seeing both governments and employers attempting to reduce their future financial commitment to the provision of adequate retirement pensions,” he said.
“The burden will therefore increasingly fall on individuals to make a greater contribution towards the maintenance of their living standards in retirement.
“This is true whether we end up with mandatory or voluntary pension provision.
“As the burden on individuals increases, independent advice from brokers will be essential if people are to make the right choices in how they fund their pensions and how those funds are invested.”
BIPAR represents more than 80,000 professional insurance intermediaries in 32 countries across Europe.
