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The NAPF has commented on the 2014 Budget, with Chief Executive Joanne Segars commenting: |
“Today’s announcement is perplexing. Automatic Enrolment, one of the largest and most successful reforms of workplace pensions ever seen, was introduced to encourage people to make good financial decisions about their retirement, because experience tells us that people are often ill-informed and make poor decisions about financial planning for old age.
On the one hand the idea that savers can take their pension as a lump sum, albeit subject to tax, may be an incentive to save. However, this choice brings with it a significant burden of responsibility for individuals to understand the choices they are making. We know this is not always the case as people often underestimate how long they will live and overestimate how long their pot will last1. There is a recognised problem with the lack of financial literacy in the UK and there is a distinct lack of detail in today’s announcement on how the Government will ensure people have access to good impartial advice so they make the right decisions about their income for retirement. There are many unanswered questions today’s announcement - not least how a free impartial guidance service will be established within twelve months. Additionally, the effect on defined benefit schemes will need to be tested as the cost and funding implications for these schemes could be significant. It is concerning that there appears to be little robust modelling to reassure us the Government has understood the risk that a number of people will run through their pension pots far too quickly. We fear these reforms, without careful scrutiny, will leave a large swathe of people vulnerable to poverty in old age. ” |
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