UK - The NAPF has branded the work and pensions select committee report on the future of pensions as "profoundly disappointing".
Chairman Peter Thompson said the report had failed to make strong recommendations on reforms to the state system and was “timid” on issues to address the growing savings gap.
He said: “Given the time and effort that has gone into preparing this report, the results are profoundly disappointing.”
He said that the select committee had clearly looked at all the critical pensions issues and had taken evidence from a wide range of authorities.
But he said it was “deeply frustrating” that the committee had made no recommendations for simplifying the state pension system.
Thompson said: “While acknowledging the existence of a disturbingly wide savings gap, the report offers no practical proposals on how to make inroads into this critical problem.”
Thompson described the report as another missed opportunity to address the key challenges facing those who provide pensions.
“It offers little tangible hope for the millions of Britons who, without significant and prompt reforms, face a poorer income in retirement.”
The Pensions Regulator (TPR) has set out plans to use "new regulatory initiatives" with over 1,000 schemes as it aims to tighten its regulatory grip and boost member outcomes.
HM Revenue and Customs (HMRC) has announced it is delaying the provision of data that will enable pension schemes to confirm the guaranteed minimum pension (GMP) benefits to pay to members until the end of the year.
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