The new government has been urged to rebuild and maintain the consensus round the UKs long-term pensions strategy.
According to a white paper entitled Rebuilding the consensus, law firm Eversheds said a previous consensus led to auto-enrolment and other policy changes, but a new one was needed to encourage people to take responsibility for their financial needs in retirement.
The paper, which set out 10 key recommendations for the new government on the future development of UK pensions policy, said given the long-term nature of pension saving and challenges involving under-saving and an ageing population, the new government should restore the consensus to identify "long-term strategic aims" for UK pensions policy and develop a "clear narrative" around pensions policy making.
In addition, the firm called for a new independent pensions commission.
Francois Barker, head of pensions at Eversheds, said: "The landscape for UK pensions has changed dramatically over the past decade with the introduction of auto-enrolment, the advent of the new pension freedoms and the imminent reform of the state pension."
He believed a new independent pension commission should be established to "take stock" and "re-articulate the long-term aims and objectives of the UK pension system".
"A new commission could also help to build consensus around how we respond to the key challenges facing us now, such as how we ensure freedom and choice work effectively and how we encourage people to save more for their retirement," Barker said.
For workplace pensions, the law firm encouraged the government to increase the age at which people can access their pension savings; ensure the successful roll-out of automated enrolment to SME workers; and consider raising the minimum contribution rate by the end of this parliament.
Eversheds said the new government should build alliances within Europe to oppose the introduction of the proposed holistic balance sheet, which is being developed by the European Insurance and Occupational Pensions Authority (EIOPA). The firm said based on EIOPA's own estimates, the holistic balance sheet could add at least £150bn of deficits to defined benefit pension schemes in the UK.
Instead of "micro-managing" the governance of workplace pension schemes, the law firm said the government and regulators should focus on ensuring people have sufficient experience and expertise to run such schemes.
Other recommendations include ensuring savers get value for money during decumulation, facilitating the creation of an online pensions "dashboard" to help people manage their savings and helping people to understand how much they need to save for their retirement.