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Thumbs up for Government pensions commitments

20 May 2010

Coalition Government plans for pensions reform were today given a broad thumbs up by the NAPF, which represents Britain’s workplace pensions funds and their 15 million members.

NAPF CEO Joanne Segars said: “The really good news is the Government has recognised the need to simplify the rules in order to boost workplace pensions. This will help enormously in restoring them as the best choice for employees wanting to save for a comfortable retirement.”

She added: “There is a vast amount of work to do, not least on public sector pensions, but the creation of an independent Public Sector Pensions Commission is exactly what NAPF has called for, and we look forward to contributing fully to the public sector pensions debate.”

Ms Segars re-iterated the 7 key principles that NAPF argues must underpin public sector pensions reform:

  • Be fit for purpose – pensions should be an integral part of pay and reward and support recruitment and retention of staff
  • Be adequate – not dumbed down and must provide a good standard of living in retirement
  • Must be affordable in the long-term and the scheme must be designed to meet changing circumstances
  • Transparency – the costs of the scheme must be clear and transparent
  • Shared responsibility and risk – the employer and employee should share the burden of contributions and the risks of costs increasing
  • Quality and efficiency – efficient and high quality governance and administration
  • Mobility – should not put up barriers between the public and private sector workforces

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