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Pensions group calls for a new industry body

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The UK government is facing calls to introduce a new independent Pension Commission to deal with problems in the sector and produce better policy.

The International Longevity Centre-UK and Prudential have published a report today highlighting the fact that current policy is not enough to secure adequate retirement incomes for many, and retirement planning is made more difficult by constant policy changes.

The report argues for the creation of a Pensions Commission which would take a “holistic, non-partisan view of pensions policy” and make “well-informed decisions on the basis of strong evidence and widespread consensus”.

Tim Fassam, public affairs chief at Prudential, said that while recent changes have expanded the number of people saving and provided a wider range of choices in retirement, improvements he described as “important”, most people are still not saving enough to provide the retirement they desire.

He added: “Pension decisions are long-term, so stability and predictability are important in encouraging people to save more.”