New charter signifies wide consensus for building better pensions

The Pensions and Lifetime Savings Association (PLSA) joins nine organisations as signatories of a new charter demonstrating consensus support for reforms aimed at creating an adequate, fair and affordable pension savings system for all.

The “Building a Consensus for Better Pensions” charter calls for major reforms to improve pension outcomes including setting clear objectives for the UK retirement savings system; protecting the value of the State Pension; bringing excluded groups within the scope of automatic enrolment; and supporting future policies that improve guidance, communications and promote improved outcomes for pension savers.

This new pension charter brings together voices from across the pensions industry, as well as employer and consumer representative groups, who are lobbying for positive change in pensions.

Initial signatories include: Association of British Insurers (ABI), Age UK, Association of Professional Pension Trustees (APPT), Chartered Institute of Personnel and Development (CIPD), Chartered Institute of Payroll Professionals (CIPP), LCP, the Pensions Administration Standards Association (PASA), the Pensions and Lifetime Savings Association (PLSA), the People’s Partnership, provider of the People’s Pension and The Investing and Saving Alliance (TISA).

The initial group are calling on the main political parties, as they prepare their manifestos for the next General Election, to commit to reforming UK pensions as follows:

BUILDING A CONSENSUS FOR BETTER PENSIONS

Setting clear objectives for the UK pension system: taken together, state, workplace and personal pensions, should be adequate, fair and affordable.
A universal State Pension that protects everyone from poverty and covers all basic needs as it plays an essential role in the pension provision of most citizens, so its current value should be at least maintained.
Retirement saving that benefits as many people as possible, in particular, traditional under pensioned groups including: the self-employed, gig economy workers, multiple job holders, low earners, women, and ethnic minority groups.
Improving outcomes to ensure that pensions provide a decent standard of living throughout retirement.

Nigel Peaple, Director Policy & Advocacy, PLSA, said: “It’s almost 20 years since the Pensions Commission proposed reforms to the UK pension system. Although, as a result of those reforms, more people are eligible for the state pension and are saving for retirement in the workplace, too many are falling far short of being on track for a good retirement income.

“We, and the other signatories to this Charter, are asking that all the main UK political parties commit to putting pension reform in their General Election manifestos so as to ensure that everyone in the UK has a good income in retirement.”

For more information on how to become a signatory please contact Katy.Little@plsa.co.uk