The National Association of Pension Funds (NAPF) has overhauled the structure of its two main policy-making councils to reflect changes in the pensions landscape and create a clearer focus on defined contribution (DC) pensions.
The two new forums – Defined Benefit Council (DBC) and Defined Contribution Council (DCC) – will replace the existing Retirement Policy Council (RPC) and Investment Policy Council (IPC). The councils set the policy direction of the NAPF and help shape debate around major issues.
The revamp signals that the UK’s leading pensions body is placing a growing and clearer emphasis on DC pensions in its policy work. The changes will come into effect after the NAPF Annual General Meeting in October 2013.
Mark Hyde Harrison, NAPF Chairman, said:
“These councils help provide leadership to the industry and we need to ensure they are ready for the future. The new structure means the NAPF will be even better placed to deal with the changing challenges of the pensions and retirement agenda.
“The current council configuration has worked very well but, looking ahead, we want the right structures in place to meet our members’ needs. Auto-enrolment has been a game-changer and it is more important than ever to set good, strong policy around DC pensions.”
As a transitional measure, a DC Committee will be established which will include members of both current councils. This committee will work closely with both councils until the new councils take effect next year. It will be chaired by Lesley Williams, Retirement Policy Council Vice Chairman, and Group Pensions Director at Whitbread.
Each of the new Councils will have 15 members, who will all be leading figures from the pensions industry.