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| Pension system needs overhaul, says NAPF |
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| Latest Recruitment News - HR and Recruitment Legislation News |
| Written by DirectNews Feed |
| Tuesday, 30 March 2010 00:00 |
 An independent commission is needed to act as a watchdog on the state pension system, according to a new report by the National Association of Pension Funds (NAPF).NAPF says that its Fit for the Future guidelines would enable workers to retire on two-thirds of their average earnings through a new foundation pension worth £8,000 annually, as well as ending means-tested benefits for pensioners. And the proposed permanent Retirement Savings Commission would oversee and make recommendations on the state of the UK's retirement savings while also making sure that the pension system runs smoothly. The report also states that the minimum statutory pension contribution should be raised from eight per cent to 11 per cent in the foreseeable future. This would ensure that all workers are eligible for a workplace pension of one-third of their past earnings. The government introduced new measures such as compulsory workplace pension schemes and a minimum contribution in the Pensions Act 2008, which is to be implemented fully by 2012. Joanne Segars, NAPF chief executive, said: "Our proposals are designed to create a pension system fit for the 21st century. The government's reforms are a major step forward and our proposals complete the task." Posted by James Strang 
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