UK - "The proposed National Pension Savings Scheme (NPSS) is the best model for creating a simple pensions scheme for those who are currently not saving," according to the Investment Management Association (IMA) in its response to the government White Paper, "Security in retirement: towards a new pensions system".
In its praise for the NPSS, the IMA said the challenge the government would face was to make sure it kept its focus on those who did not have their own pension savings.
Richard Saunders, chief executive,IMA, said: “ A well targeted and independently managed NPSS will give everyone – government, employers and employees alike – the best deal and allow the Government to meet its goal of increasing levels of personal saving for retirement amongst those who are currently not saving enough."
Consultancy firm Punter Southall also gave a broad welcome to the proposals in the White Paper.
Adam Stanley, principal, commented: “We are pleased the government is taking steps to try to reduce the complexities of operating a defined benefit scheme - it has a real opportunity to simplify existing regulations as part of the deregulatory review."
Despite the need for deregulation, Punter Southall, however said the government should be cautious when approaching the simplification issue.
This was because recent experience with the tax simplification process proved to increase the costs and administration complexities of most schemes rather than achieve the desired simplification.
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