Call for an Independent Retirement Savings Commission
05 May 2015
In a report by the National Association of Pension Funds, the Association of British Insurers and Trade Union Congress come together to make the case for a standing independent retirement savings commission.
As part of the report ‘The Case for an Independent Retirement Savings Commission' the NAPF published consumer research into how savers feel about the way pensions policy is developed in the UK and the effect this has on their views of pension saving.
Fewer than one in three (29%) think recent pensions policy changes have made them more confident about the future of their pension savings and 56% of people feel more uncertain about what the future holds for their retirement.
Joanne Segars, Chief Executive, National Association of Pension Funds, commented:
"Thanks to automatic enrolment, 5.2 million people are saving in a workplace pension today who were not five years ago. This achievement has its foundations in the work of the Pensions Commission, chaired by Lord Turner a decade ago. But our research shows there is a very real discrepancy between this positive progress and how confident, or not, people feel about saving for a pension. We believe this is a result of pensions policy driven by short-term priorities and political expediency creating a feeling of uncertainty among many employers that contribute to pensions and the savers that rely on them."
An overwhelming majority of people (84%) agreed that an independent commission should be set up by a future Government and a similar proportion said it should be politically neutral (85%), impartial in its recommendations to Government (85%), and should focus not just on pensions but include the wider range of issues that affect both when people retire and the kind of retirement they have (87%).
Eight in ten (83%) were in favour of a permanent commission - one that would last more than one parliamentary term, would endure through future political cycles and provide independent, expert advice to all future UK Governments, regardless of their political make-up.