The pensions industry’s trade body has rebranded itself as Pensions UK following a detailed review of its strategy, and set out a plan to expand its reach and influence over the next five years.
Pensions UK, as the organisation will now be known, was previously the Pensions and Lifetime Savings Association (PLSA), a name it adopted 10 years ago.
Announcing the new brand and strategy at an event last night (1 July) in London, Emma Douglas, chair of Pensions UK, said the new name reflected “a refreshed organisation”.
“Our policy goals over the next few years are ambitious, but they’re also essential if we want a system that provides an adequate income in retirement and is affordable and fair.”
Emma Douglas, Pensions UK
“We’re a member organisation committed to taking the case for decent pensions to the heart of government,” Douglas continued. “Pensions UK recognises the powerful role that pensions play in the UK, in people’s lives and the economy.
“We’ve seen that the Pension Schemes Bill requires default pension benefit solutions. Pensions UK recognises that what we’re truly here for is a better income in retirement. In simple terms, that’s a pension.
“Our policy goals over the next few years are ambitious, but they’re also essential if we want a system that provides an adequate income in retirement and is affordable and fair.”
Pensions UK’s five-year strategy aims
The trade body’s five-year strategy, dubbed ‘2030 Ready’, involves five overarching priorities. The first, as outlined by chief executive Julian Mund, is “making pensions better”.
“We will continue to shape policy that puts saver outcomes first across adequacy, consolidation, investment, and how pension savings are used, both before and during retirement,” Mund said.
Douglas explained that key policy priorities would include lobbying for a gradual increase in auto-enrolment contributions to 12% of salary, with “protections for lower earners and better inclusion for the underpensioned”. The trade body also wants to ensure that the state pension “prevents poverty and supports saving”.
Pensions UK will push for “clear national goals for pensions to track progress and ensure accountability”, as well as more focused work on defined contribution (DC) consolidation, collaboration within the Local Government Pension Scheme, collective DC and risk sharing options, and the strength of defined benefit pension schemes.
Douglas said: “We believe these goals are realistic, necessary and achievable if people across the industry work together.”
“We will continue to shape policy that puts saver outcomes first across adequacy, consolidation, investment, and how pension savings are used, both before and during retirement.”
Julian Mund, Pensions UK
Other priorities include increasing the trade body’s influence on pensions policy, improving value for Pensions UK’s members, making the organisation an attractive place to work, and ensuring its financial stability.
Douglas also said the trade body would be alert for “red flags” affecting the pensions sector – and highlighted the mandation of asset allocation as one such issue.
“We will continue to work with the government to ensure it understands the significant risks that would come with mandation and to demonstrate what the industry can and will deliver within the bounds of fiduciary duty,” Douglas stated.
The PLSA brand has been in place since 2015 when the organisation renamed from the National Association of Pension Funds.
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