UK - NAPF CONFERENCE: The Retirement Income Reform Bill would ensure "guaranteed income for life", a campaign group told delegates at the NAPF conference.
The Retirement Income Reform Campaign said the Bill – which will cap the limit that must be invested in an annuity by age 75 to a minimum retirement income – was a “tremendous opportunity” to extract maximum efficiency from pension savings.
Director Oonagh McDonald said the Bill, the third on annuities in three years, has the backing of Conservatives, Liberal Democrats and many Labour back-benchers.
Oonagh said: “The Bill meets the government’s demands that reform will ensure a ‘guaranteed income for life’, which protects the State from unnecessary exposure to future pensioner income support claims.
“As the savings gap continues to deteriorate and pensions remain so very unattractive for the young, this issue gets more and more important by the day.”
The Bill will amend the purchase of annuities in respect of DC, AVC, private and personal pensions.
Richard Wohanka is to chair The Pension Superfund's trustee board, working alongside professional firm 2020 Trustees to safeguard members' benefits.
Four people behind a £13.7m cold-calling scam which cost 245 people their savings have been banned from being pension scheme trustees by The Pensions Regulator (TPR).
The Pensions Administration Standards Association (PASA) has launched its latest round of guidance for guaranteed minimum pensions (GMPs).