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NAPF chairman calls for pensions industry to build trust

The pensions industry must do more to build public trust, new NAPF chairman, Ruston Smith (pictured) has said.

Smith, who yesterday took over the chairmanship of the NAPF from Mark Hyde Harrison, welcomed the reforms that have seen 1.6 million people auto-enrolled in the past year, but urged the industry to do more to help people save for their retirement.

Speaking today at the annual NAPF conference in Manchester, Smith set out four steps the industry needs to take in order to "build on today for a better tomorrow".

The first was to raise awareness, and he cited the NAPF's Pension Quality Mark, which helps people recognise more easily what quality schemes look like.

The second was to make pensions simpler by "junking the jargon", to encourage simple conversations about pensions that people can understand.

Thirdly was the need to develop more innovative and creative products and services. And the fourth step was to build greater public confidence around pensions.

"In short, what we need are pensions people trust'," said Smith. "Pensions people trust to deliver a decent income. Pensions people trust to be there when they retire. Pensions people trust not to rip them off."