The case for an Independent Retirement Savings Commission
Our report, The case for an Independent Retirement Savings Commission, brings together a selection of essays from leading experts and commentators representing the industry, savers, employers and more. The report explores the case for a standing independent commission to be set up to advise future Governments on the future direction of pensions and savings policy – defining target retirement outcomes, measuring progress towards those outcomes, recommending proposals for change and providing impact assessments of Government policies for change.
Building on the success of the original Pensions Commission led by Lord Turner, an Independent Retirement Savings Commission would take an open and consultative approach to its work, gathering information through wide-ranging research and consultation with stakeholders representing the wide spectrum of interested parties – industry, business and savers, as well as economists and other independent experts. It would not just focus on pensions but would consider wider related issues, including health, housing and living standards in retirement, within a framework of providing long-term stability for the industry and savers alike. It would be accountable to Parliament and the Secretary of State for Work and Pensions, with a remit to report to Government on an annual basis, providing an assessment of the adequacy and affordability of the UK pensions system and making recommendations for change as and when necessary.
The report explores the benefits an Independent Retirement Savings Commission would bring to the policy-making process, the issues it should be tasked with looking at, and the practicalities of its creation and operation.
Contributors include the Association of British Insurers (ABI), Trades Union Congress (TUC), the Federation of Small Businesses (FSB), the International Longevity Centre and B&CE, provider of the People’s Pension.