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NAPF calls for independent retirement savings commission

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NAPF chief executive Joanne Segars has called for an independent, non-political body to be set up to regulate retirement savings.

Speaking at the NAPF’s annual conference in Liverpool, Segars said the commission would be responsible for setting a long-term vision for workplace pensions and “holding the government to account to deliver it”.

“Too often governments think only of the short term when they make decisions about pensions,” she said. “They think of the immediate effect on their balance sheet… or the next election.

“But we’re interested in providing pensions for the long term. So we want the next government to create a new independent retirement savings commission to give us the stability we need."

She urged whichever pensions minister is in post after the next general election to be “brave" in moving power away from Westminster.

“We’ve seen this kind of brave depoliticising elsewhere – the Bank of England’s MPC, the Low Pay Commission, the Office for Budget Responsibility, for example,” she said. “So it’s now time for politicians to be brave when it comes to pensions and set up a commission.

“That way we can ensure that the long-term interests of savers – not the short-term interests of politicians – are at the very heart of pensions policy.”