UK pensions policy “not quite right”
UK - The UK policy framework for pensions is not yet 'quite right', according to delegates attending the NAPF Annual Conference in Glasgow.
“The framework for pensions is still not right, neither for employees nor for employers," said Rhoslyn Roberts, incoming chairman of the NAPF benefits council.
Even though the NAPF welcomes the important steps taking with the publication of the Green Paper and new tax proposals, Roberts believes further issues should be addressed.
"First of all it is crucial to get the foundations right including the reform of the state pension system." She mentioned the need to provide a higher state pension, the confusion regarding S2P and the need for contracting out to be abolished as some of the issues that should be looked at.
On the same line, Malcolm McLean representing the Pensions Advisory Service (OPAS) said that the government should sort out the funding and wind-ups rules "properly and quickly" to avoid people losing confidence in the pensions system. "The government should also introduce a strengthened regulator, a new watchdog that people can trust."
Delegates expecting to hear the views from the government during a presentation by Secretary of State for Work and Pensions Andrew Smith scheduled for tomorrow morning, were disappointed to hear that Smith will not be attending. The NAPF has announced that conservative MP David Willets, the Shadow Work and Pensions Secretary, will replace Smith.