Pensions News

Pensions sector "stable" - 04/01/2008

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The UK pensions sector is marked by stability, according to the National Association of Pension Funds (NAPF).

While acknowledging the challenges facing pension schemes in 2008, the NAPF's latest report claims that the provision of workplace pensions is asserting a new posture of "equilibrium" following a sustained period of turbulence.

About a third of defined benefit private sector schemes remain open to new members in 2007 - a similar number to that of 2006 - while about 62 per cent intend to keep these open in some form over the next half-decade.

The association's chief executive Joanne Segars says that the findings demonstrate that the UK's employers prioritise the provision of good workplace pensions.

"However, while the overall picture shows that the pensions landscape is stable, the operating environment for occupational pensions is tough and likely to get tougher," she adds.

Calling for the government to continue with proposals to deregulate the sector, Mr Segars claims that such measures are merely a "good start" and should be boosted with more support for employers providing good workplace pension schemes.

NAPF represents some 10 million workers and describes itself as the leading voice of occupational pension schemes in Britain.

© Adfero

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