The National Association of Pensions Funds says today's Pensions Bill fails to address the fundamental long-term weaknesses in the UK pension system.
The occupational pensions trade body says it supports the bill's proposals to increase security for defined benefit schemes, better information, a more flexible approach to scheme funding and better regulation, but argues there is nothing to encourage new saving.
NAPF chairman Terry Faulkner says: “Is there anything in today's bill to simplify our archaic state pension system? Is there anything to encourage firms to offer decent pensions to their employees or keep existing schemes going? Are there new incentives to encourage people to save? Regrettably the answer is no.”