The Government should put the long term interests of savers at the core of future pensions policies by creating an Independent Retirement Savings Commission (IRSC).
So says The National Association of Pension Funds (NAPF) which argues that the new commission should oversee future pensions legislation. This is central part of a number of key recommendations that NAPF launched at their annual conference this week.
Chief Executive of NAPF Joanne Segars said: “The last five years have seen great progress in the world of pensions. Automatic enrolment has brought over four million people into workplace pensions. 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 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. Our manifesto sets out the six recommendations for the next Government to help us achieve this.”