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NAPF calls for creation of a retirement savings commission

Association believes that political parties' are too concerned with short-term issues

23 April 2015

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The National Association of Pension Funds (NAPF) has called for the creation of a standing independent retirement savings commission.

The Association believes that the lure of attractive pension incentives are used far too frequently by political parties to win votes, who only plan for 'the short-term', while retirement planning clearly requires a long term strategy.

A savings commission would stand throughout the electoral cycle would not have to be concerned with winning votes, but would only be tasked with developing long-term retirement planning, the Association has said.

Joanne Segards, chief executive of the NAPF commented: 'There is no doubt that pensions are politically valuable given that each one of the main political parties has sketched out some aspect of pensions policy in their manifesto. But what's notable by its absence from the debate is the concept of a long-term plan for pensions.

'We call on the next government, of whatever hue, to establish a standing Independent Retirement Savings Commission. It's time to put savers' interests first; time to secure savers' long-term interests not politicians' short-term concerns'.

Vote winner

The recent pension reforms introduced by the Coalition have proved to be hugely popular.

Research from True Potential shows that of 2000 savers questioned, 15 per cent had changed who they would vote for as a result of the reforms driven by the Tories.

Consequently every party has made a concerted effort to make their pension policies well publicised, however Segards remains sceptical.

'Pensions are for the long-term but naturally, governments often legislate for the short-term to secure the next electoral cycle', she added.

 

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Pensions