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04

Election 2015: Long-term plan for pensions 'noticeable by its absence' from campaign, says NAPF

Open-access content 22nd April 2015

The National Association of Pension Funds (NAPF) has urged politicians to use pensions “to secure savers’ long-term interests not politicians’ short-term concerns”.

The NAPF's comment came after the publication of political parties' manifestos ahead of the general election. It said pensions were "politically valuable" but added: "What's notable by its absence from the debate is the concept of a long-term plan for pensions".

Joanne Segars, chief executive at the NAPF, said: "It's understandably tempting for politicians to syphon a bit of cash from tomorrow's pensioners to pay the bill for today's political priorities. But we must also ensure a decent retirement for tomorrow's pensioners, a decent deal for today's savers, and the stability of a pension system upon which everyone can depend not to change overnight.

"Pensions are for the long-term but naturally governments often legislate for the short-term, to secure the next electoral cycle. Automatic enrolment broke this mould, but it was born of the Pensions Commission 10 years ago."

The NAPF said the next government should put savers' interest first and establish an independent retirement savings commission to advise on policy decisions related to pensions and retirement.

While all the main political parties support recent pension changes such as triple-lock protection, pension freedom and workplace auto-enrolment, both Labour and the Tories propose to restrict pension tax relief for people with incomes over £150,000. 

The UK Independence Party proposed to double the budget for guidance to help pensioners to make financial decisions and the Green Party planned to offer a more generous state pension.

This article appeared in our April 2015 issue of The Actuary.
Click here to view this issue
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Topics:
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