State pension overhaul long overdue says NAPF | Pensions and Lifetime Savings Association

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State pension overhaul long overdue says NAPF

25 October 2010

Welcoming plans to reform state pensions outlined by the Government today, Joanne Segars, Chief Executive of the National Association of Pension Funds (NAPF), said:

“The Government’s plans are welcome, and are in line with the ‘Foundation Pension’ proposals we put to them in March.

“The UK’s state pension is the worst in Europe, and we really need a simpler, fairer and more generous system.

“Retirement ages are heading upwards, and the trade-off for having to work longer must be a better state pension.

“A clearer, flat-rate pension would provide much-needed certainty to savers and pensioners, and would cut bureaucratic red tape. Women who are shortchanged by the current system stand to get a much better deal.

“Today’s announcement is one of a number of options, and we look forward to adding our thoughts to the Government’s Green Paper expected at the end of the year.”

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