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A new report from The National Association of Pension Funds (NAPF) has made calls for greater long-term policy planning and an Independent Retirement Savings Commission.
The report comes in response to a recent wave of reforms to the pensions sector. A broad collation of unions, federations and providers, including The People’s Pension CEO Patrick Heath-Lay, have contributed to the report.
Patrick Heath-Lay uses the report to comment on the lack of an overarching direction from The Treasury and the Department for Work & Pensions:
He warns that, in regard to pensions “with no clearly articulated long-term strategy, we risk a lack of joined-up thinking.”
As a solution Heath-Lay calls for the formation of an Independent Retirement Savings Commission. Such an institution would hold a “key role in building a political consensus around pensions policy… (and) also look at the effective oversight of the pensions market.”
“In summary, the Commission would be an independent and trusted source of politically neutral information on the industry and pensions market. It would be the leading authority on ageing society and retirement issues.”
Proposals for the Commission have been backed by the ABI, FSB and the TUC alongside Baroness Sally Greengross of the International Longevity Centre. You can read the full report from the NAPF, including Patrick’s comments, on the NAPF website.