UK - The next government should introduce an independent pensions commission to provide long-term continuity over pensions policy, a survey by GP's sister publication Professional Pensions revealed.
In the run-up to the Conservative Party conference next week - and in the wake of conferences by the Labour Party and Liberal Democrats last month - PP asked 14 well-known industry figures what pension reform the next government should make first; the mistakes any new administration should avoid; and whether it should set up an independent pensions commission.
Some 10 respondents said such a commission was needed, one was unsure, and three said such a commission should not be implemented.
Pensions Management Institute president Mike Sullivan said: "Pensions is a long-term issue that will not be adequately dealt with in a five-year election cycle."
However, Investment Management Association chief executive Richard Saunders disagreed. He said: "A standing commission will feel obliged to produce regular reports which will inevitably keep proposing further tinkering with the system. It would be a recipe for instability."
Several respondents also called on the next government to scrap personal accounts. Pinsent Masons head of strategic development for pensions Robin Ellison said they should be replaced by a reform of the state pension system phased in over the next 10 to 15 years.
Independent pension consultant Ros Altmann added: "They will make pension provision worse, not better, for millions as employers cut back to the 3% minimum contribution."
Respondents had a wide range of views on mistakes any future government should avoid.
Hargreaves Lansdown pensions analyst Laith Khalaf urged the next government not to abolish or tinker with higher-rate tax relief, any further than they have done.
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