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NAPF urges Govt to change conditional indexation quickly

The NAPF is urging the Government to include legislation in the Pensions Bill to enable the quick introduction of changes brought about by the consultation on conditional indexation and risk sharing.

Chief executive Joanne Segars says the association welcomes the Government’s commitment to retaining quality defined benefit pension provision.

She adds that for NAPF members the most important thing the Government can do to ensure the future of this provision is to lighten the regulatory load, including greater risk sharing.

Segars says: “Any such move for new schemes and for future accruals in existing schemes will be an important step forward in ensuring the third of private sector defined benefit schemes that today are open to new members, stay open.

“The Government should not delay. There is a clear urgency to ease the pressure on defined benefit schemes because over the last few weeks the renewed stability in the defined benefit sector has come under threat.

“We urge the Government to consider taking powers in the current Pensions Bill to allow a swift legislative conclusion to the outcome of this consultation.”

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