Responding to reports that the Prime Minister has called for a rethink of state pension reform, Joanne Segars, Chief Executive of NAPF, said:
“Now is not the time for the Government to be putting the brakes on this landmark reform. The current system is a mess and change is long overdue.
“A better state pension is absolutely key to the success of auto-enrolment, which will bring millions of workers into a pension, many for the first time. These new savers need to know that it pays to plan for their old age, and that they won’t see their savings means-tested away.
“The UK has one of the meanest and most complicated state pensions in Europe, and even financial experts struggle to work out what their own pension will be. We need a simpler, flat-rate state pension that sets a clear foundation for people to build their own retirement savings on.
“The Government must stick to the plan to improve the system and not slow things down with more discussion and reviews.”