The National Association of Pension Funds (NAPF), which has four million public sector pension holders among its members, commented on the findings of the Hutton report on public sector pensions.
Joanne Segars, NAPF Chief Executive, said:
"Lord Hutton’s findings strike the right balance between fairness and cost, and have avoided a race to the bottom.
"Public sector workers will still retire with a good pension, and it is important that they can bank what they’ve already built up.
"Moving to a new career average scheme is a sensible approach that will help protect the lower paid. This could be a better deal than the current final salary arrangements for the lower paid and those whose earnings spike mid-career.
"An increase in retirement helps manage costs and is unavoidable given that people are living longer.
"Improved scrutiny and the proposed cost ceiling will help ensure taxpayers aren’t signing a blank cheque.
"It is an ambitious timetable to implement this by 2015, but it is important to crack on with these reforms."
Notes to Editors:
1. Joanne Segars, NAPF Chief Executive, is available for interview.
2. The NAPF is the leading voice of workplace pensions in the UK. It speaks for 1,200 pension schemes with some 15 million members and assets of around £800 billion. Its membership also covers around four million people with public sector pensions.
3. The NAPF’s Annual Investment Conference opens today in Edinburgh. A full programme can be seen here: www.napf.co.uk/Conferences_and_Seminars/Investment_Conference/Programme.aspx
Paul Platt, Head of Media, NAPF, 020 7601 1717 or 07917 506 683, [email protected]
Christian Zarro, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, [email protected]