Responding to reports that the Prime Minister has called for a rethink of state pension reform, Joanne Segars, Chief Executive of the National Association of Pension Funds, 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.”
Notes to editors:
1. The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,300 pension schemes with some 16 million members and assets of around £900 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
Paul Platt, Head of Media and PR, NAPF, 020 7601 1717 or 07917 506 683, [email protected]
Christian Zarro, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, [email protected]