NAPF reacts to government crackdown on cash incentives to leave pensions | Pensions and Lifetime Savings Association

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NAPF reacts to government crackdown on cash incentives to leave pensions

20 October 2011

The National Association of Pension Funds (NAPF) responded to the announcement made by the Pensions Minister Steve Webb at the NAPF Annual Conference today that the Government will take action over companies offering employees cash incentives to leave Defined Benefit "final salary" pensions.

Joanne Segars, Chief Executive of the NAPF, said:

“It is vital that incentivised transfers are handled responsibly and in the best interests of employees. There is no place for bad practice. People can’t be left facing a difficult retirement when they’ve spent years building up a pension.

“The NAPF’s members will have a central role to play in drawing up the new Code of Practice and in ensuring it is followed. We look forward to contributing to this work.” 

Ends

Notes to editors:

1) Joanne Segars is available for interview

2) 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.

Contacts:

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]