UK - The NAPF have come out in support of the government's white paper, however it noted provision should be made for those without a decent occupational pension scheme.
The NAPF’s response to the ‘Personal Accounts: a new way to save?’ paper outlined its support for the reform package but urged ministers to ensure personal accounts serve those without access to a good workplace pension and does not undermine existing high-value provision.
NAPF chief executive Joanne Segars said: “The reforms entail some risks: the risk of levelling down; the risk of poor design for the target group; and the risk of weakening the employer link. So the Government must design personal accounts to hit the target group and provide support to existing pension provision.”
She added: “The good stewardship of personal accounts will be essential to encourage trust and participation. Our proposals for the structure and governance of the Personal Accounts regime draws on the experience and best practice of today’s occupational pension schemes. We look forward to working closely with the Government on making Personal Accounts a success.”
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