UK - The National Association of Pension Funds has called on the occupational pensions industry to establish super trusts which it said would add 30% to members' pension pots.
The National Association of Pension Funds has called on the occupational pensions industry to establish super trusts which it says would add 30% to members' pension pots.
The trade body said the large, low cost schemes would offer benefits to both savers and to employers, who will be able to provide access to high quality pension arrangements.
The proposal comes as part of the NAPF's Fit for the future - NAPF's vision for pensions, a blueprint for the UK pension system building on the government's 2012 reforms.
The paper also said there was scope to increase mandatory contributions from 8% to 11% to provide people with a more adequate income in retirement.
It also encouraged new forms of risk sharing, including core defined benefit pensions that would not have to provide spouses pensions or inflation proofing.
The NAPF said such schemes would guarantee members a certain level of benefit without the risks of defined contribution and give employers more certainty over the cost of the scheme.
Chief executive Joanne Segars (pictured) said: "Our proposals are designed to create a pension system which is fit for the 21st century.
"They increase the value of the state pension for everyone, radically reduce concerns over means-testing, and increase the value and quality of workplace pensions.
"The government's 2012 reforms are a major step forward and our proposals complete the task."
The report also suggested state pension simplification where the current basic and state second pensions are combined to form a "foundation pension".
It explained this would be worth £8000 a year, give pensioners an additional £25 a week, take around 2 million pensioners out of means testing and give them a pension worth one third of average earnings.
It also called for a single pensions regulator - which would see responsibility for stakeholder and group personal pensions transfer from the Financial Services Authority - to provide clarity to members and sponsors.
The NAPF also proposed the creation of a permanent independent Retirement Savings Commission to take the politics out of pensions and ensure a long-term and enduring political settlement.
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