'New retirement body needed to secure long term future for pensions'

An independent retirement savings commission should be created to put the long term interests of savers at the heart of pensions policy, according to The National Association of Pension Funds. This is among the NAPF's six priorities for the next Parliament, which it will be outlining today at its annual conference. The NAPF's six recommendations to Government are:1. Commit to the continued rollout of automatic enrolment2. Plan for the long term though an Independent Retirement Savings Commission3. Enable pension schemes to be effective investors in the economy4. Manage European legislation5. Drive higher standards of governance and reduce tick-box regulation6. Supplement the Guidance Guarantee and monitor people's outcomes after using guidance {desktop}{/desktop}{mobile}{/mobile}Joanne Segars, chief executive of the NAPF, said: "Ensuring the long term interests of savers, not the short term interests of politicians, are at the heart of pensions policy must be the priority of the next Parliament."This last year has been characterised by swathes of legislation that pension schemes now have to implement to a very tight deadline."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."She said the last five years have seen "great progress" in the world of pensions.She said: "We now have an opportunity to build on these changes and develop a pension system on which millions of people can depend."Savers need to be equipped to make retirement decisions well in advance of retirement, she said, to ensure they make those decisions fully informed of the benefits and the risks of the options available.Ms Segars said: "It is imperative the Government monitors very closely the guidance service and any new products that are introduced to the market. To build on the service there should also be a broader education programme that pension savers benefit from throughout their working and saving life."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."

'New retirement body needed to secure long term future for pensions'

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