Backing for independent pension commission

The majority of people support calls for an independent retirement savings commission, research shows.

The National Association of Pension Funds has joined forces with the Association of British Insurers and the TUC to propose setting up a commission that could hold the government to account and protect the long-term interests of savers.

Research carried out as part of their report shows that 84 per cent of consumers agree with the trade bodies that an independent commission should be created by the future government.

Similarly, 85 per cent think it should be politically neutral.

The pensions system has undergone a major overhaul in recent years, and the workplace auto-enrolment scheme has already created more than five million new pension savers.

People aged 55 and over are also enjoying new freedoms that allow them to spend their pension however they want, instead of having to buy an annuity to give them a regular income.

Copyright Press Association 2015