NAPF highlights extent of pension shake-up
The National Association of Pension Funds (NAPF) has suggested that the proposed reforms of the UK's retirement funding systems will have a far-reaching impact for years to come.
According to the association, the recently announced pensions bill has laid down the plans for a shake-up that will have a greater influence on the UK from 2012 onward than the Olympic Games that will be staged in London in the same year.
"For years to come, personal accounts should provide an effective way of helping low to medium income employees who do not currently have access to a good workplace pension," said NAPF's chief executive Joanne Segars.
"The pensions industry must work hard with the government to instill confidence in personal accounts whilst making sure they do not replace existing occupational pension provision."
A range of different employers comprise the NAPF's 1,300 members and the organisation has been operating in the UK since 1923.
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