NAPF calls for long-term pensions stability plan

The National Association of Pension Funds has called for a long-term plan for pensions, following a review of the election manifestos from the main political parties.

NAPF chief executive, Joanne Segars, said that while the parties recognised the value of pensions, there was an absences of long-term planning in the manifestos. She commented: “It’s understandably tempting for politicians to syphon a bit of cash from tomorrow’s pensioners to pay the bill for today’s political priorities. But we must also ensure a decent retirement for tomorrow’s pensioners, a decent deal for today’s savers, and the stability of a pension system upon which everyone can depend not to change overnight.”

Segars added that while pensions are long-term in nature, governments tended to act with the short term in mind. “Automatic enrolment broke this mould, but it was born of the Pensions Commission 10 years ago. We believe it’s time to return to the source of that success and so 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.”