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10

NAPF urges government to create 'commission for pension savers'

Open-access content Wednesday 15th October 2014 — updated 5.13pm, Wednesday 29th April 2020

The National Association of Pension Funds has called for the creation of an independent commission to oversee future legislation on saving for retirement.

The creation of an Independent Retirement Savings Commission is one of six priorities in the association's General Election Manifesto, launched at the NAPF annual conference in Liverpool today.

Chief executive Joanne Segars said that an independent body was needed to ensuring the interests of savers, not politicians, were at the heart of pensions policy in the next Parliament.

'It is vital for the long-term interests of pension savers' ultimate retirement outcomes that future changes in pensions policy are carefully thought out and implemented, which is why we need an independent Retirement Savings Commission to focus on the long term and protect the interests of all savers.'

Among the other recommendations in the manifesto is a call for the next government to commit to the continued rollout of automatic enrolment, as well as enabling pension funds to be effective investors in the economy including in infrastructure projects.

Segars said that the last five years had seen great progress on pensions.

'Automatic enrolment has brought over four million people into workplace pensions,' she said.

'State pension reforms have given clarity on what people can expect in their retirement from government. Large schemes acting in members' interests have continued to bring down costs and increase value. And the 2014 Budget reforms [that remove the need to buy an annuity] promise people more flexibility in how they use their retirement savings.

'We now have an opportunity to build on these changes and develop a pension system on which millions of people can depend. To do this, government and industry must work in partnership.'

The association also called for the state-backed Guidance Service, which will offer advice to savers as they approach retirement from April 2015, must help equip savers to make decisions well in advance of retirement.

'The government has a responsibility to consider how a third party funding model, similar to that used to deliver debt advice, could be used to offer an improved education programme to help people plan their retirement.' Segars added.

Also at the conference, the NAPF launched three new Made Simple guides for pension funds.

These cover exchange traded funds, smart beta and private equity. They are designed to explain complex areas of investment and pensions management in accessible language for pension schemes.

This article appeared in our October 2014 issue of The Actuary.
Click here to view this issue
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Topics:
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