What can be done to increase the long-term savings?  An age-old problem; developing solutions for funding retirement, a report by the Chartered Insurance Institute, examines this issue by estimating the pension gap and featuring the views of several experts.  Taking into account longevity, the cost of long-term care and the decline of the relatively secure defined benefit plans, the report estimates that the average employee falls short of what is needed in retirement by 30%.

The report argues that there are barriers which prevent people from saving more - above all the complexity of the savings landscape in the UK - and analyses the impact of the current reforms.

They conclude that there are three key areas which need to be addressed to increase the long-term savings; education/awareness, trust and stability.  The report argues that people need to be aware of the cost of retirement so that they can plan accordingly*, and it is the role of government to ensure that the information reaches the people.  Savers also need to have trust in financial services, because otherwise they will not feel confident leaving their money with a FSA provider for the long-term.  And, finally, the savings landscape needs to be stable, so that consumers can be certain that the choices they make today still make sense tomorrow. 

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