DWP consultation on ‘Better workplace pensions: further measures for savers’ – an NAPF response
The National Association of Pension Funds (NAPF) has published its response to the Department for Work and Pensions’ (DWP) consultation on ‘Better workplace pensions: further measures for savers’.
In its response, the NAPF agrees with the consultation’s areas of focus, but argues the speed of change is too great and inadvertently puts scheme members’ interests at risk. It highlights that following the Budget every scheme will now have to: review its investment strategy to ensure it can adapt to the unpredictability introduced to the decumulation phase; adjust all of its member communications to reflect the Budget’s changes; and, work towards ensuring a ‘guidance guarantee’ (the nature of which is yet to be confirmed) is in place for scheme members by April 2015.
And it calls on the Government to reconsider the timescale for implementation in light of all these changes.