The National Association of Pension Funds (NAPF) commented on the details of the State Pension Reform announced by the Government today.
Joanne Segars, NAPF Chief Executive, said:
“It is good to see a clear direction of travel and confirmation that these important reforms will go ahead. But the time for talking should be over by now. We need to see these reforms become reality.
“Our State pension is one of the most complicated and least generous in Europe. The proposals for a simpler, flat-rate foundation pension are critical to the success of auto-enrolment. People need to know that it pays to save for old age, and that they won’t see their saving means-tested away.
“The Government’s delay also means that pension schemes could be under more pressure to adapt to the new state pension. Defined benefit pension schemes need time to prepare for the end of contracting out. The Government must give them enough time and give them clarity as a matter of urgency.”
Notes to editors:
1. The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,200 pension schemes with some 15 million members and assets of around £800 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector. Contacts:
Paul Platt, Head of Media and PR, NAPF, 020 7601 1717 or 07917 506 683, firstname.lastname@example.org
Christian Zarro, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, email@example.com