The National Association of Pension Funds (NAPF) has called for a new commission to review the state of the UK’s retirement savings.
As part of its blueprint for the UK pension system, Fit for the future – NAPF’s vision for pensions, the NAPF called for the establishment of a permanent, independent retirement savings commission.
This new commission would, NAPF recommended, report to parliament on the state of the UK’s retirement savings and on changes needed to keep on track, while at the same time ensuring the pension scheme continues to deliver.
The NAPF also called for a new state foundation pension, created by combining the current basic state pension and state second pension, and the establishment of ‘super trusts’, offering benefits to both savers and employers.
NAPF chief executive Joanne Segars said: “Our proposals are designed to create a pension system fit for the 21st century. The government’s 2012 reforms are a major step forward, and our proposals complete the task.”
The NAPF represents 1,200 pension schemes.