In his third and final publication for the Pensions Commission, Lord Turner has reaffirmed his belief that the government needs to put in place an integrated suite of
changes including:

• a reform of the state pension provision that will deliver simpler and more generous benefits and less means testing
• a rise in the state pension age
• a new approach to private pension saving through the creation of a new National Pension Savings Scheme (NPSS) into which employees not currently in a good workplace pension are automatically enrolled and pay personal contributions
• contingent employer contributions for those who do not opt out.

In our last paper “Win, lose or draw”, commenting on the second report of the Pensions Commission, we concluded that if Lord Turner’s recommendations were put in place this could put up to 50,000 jobs in the life and pensions industry at risk.

It was therefore extremely positive that over the last few months the industry has been engaged in the debate about the nature of private pension reform.

Find out what the final Turner report could mean for you (131 KB, PDF).