The Pensions and Lifetime Savings Association (PLSA) has said its main goal is to extend the range and level of automatic enrolment (AE) as the organisation marks its 100th anniversary.
According to the chair of its Policy Board, which is made up of a cross-section of its members, the Association’s top strategic policy aim for 2023 is focused on improved pension adequacy to ensure “people will have an adequate income in retirement”.
John Chilman said: “All of our members – whether they are a defined benefit or defined contribution fund, a local government pension scheme fund, or a master trust – are passionate about ensuring the UK pension savings system gives people the best possible chance of saving what they need to enjoy the retirement they want.”
Last year, the PLSA built on its Hitting the Target 2018 report by carrying out research into how a variety of proposed policies could improve outcomes for a range of pension savers. The study led to the development of a consultation, Five Steps to Better Pensions: Time for a New Consensus, which sets out reforms that the Association believes could prevent pensioner poverty and help more people gain a better retirement income.
The five recommendations for reform outlined by the PLSA included areas such as national objectives, state pension, AE reform, under pensioned groups and industry initiatives to achieve better pensions.
Chilman added: “The PLSA Policy Board will continue to champion a policy framework that means people will have an adequate income in retirement and aim to ensure the regulatory and operating environment is appropriate for our members.”
The Association plans to publish its response to its Five Steps consultation, as well as more evidence supporting the need for reform, later this year. Its Retirement Living Standards will also be revised so that it clearly reflects “the public’s expectations of what retired households need as well as to remain relevant to real world retirement spending”.
