The National Association of Pension Funds (NAPF) commented on Government plans to overhaul the state pension mentioned in the Queen’s Speech today.
Joanne Segars, NAPF Chief Executive, said:
“We are delighted by this confirmation of the Government’s commitment to a long-awaited, landmark reform.
“This is another big step towards a simpler, more generous state pension that no longer penalises people for saving. A new system will take millions out of means-tested benefits and will encourage people to take control of their old age by saving towards it.
“The NAPF has been calling for a single-tier state pension for many years. This is the much-needed foundation on which people can build their own savings, knowing that it pays to save. And it will help ensure that auto-enrolment is a success.
“We are all living longer, so it is inevitable that retirement ages move upwards to reflect that. The trade-off for working longer must be a better state pension come retirement.”
Notes to editors:
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.
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]