Joanne Segars announces that the NAPF has changed and is now The Pensions and Lifetime Savings Association.

Yesterday in Manchester, delegates of the annual NAPF conference discovered that it would be the last even hosted under the NAPF name. Chief Executive Joanne Segars announced a bold rebranding of the institution.

The National Association of Pension Funds is to become The Pensions and Lifetime Savings Association.

Segars described the pensions landscape as being in constant change where "the relatively simple age of a DB pension or an annuity with a single decision to retire is vanishing fast".

It would not be effective for the Association to continue to "treat DC as a single issue" and therefore change was necessary.

The new Pensions and Lifetime Savings Association will expand its boundaries and whilst still maintaining its position as the voice of DB pensions, will also work to represent the broad spread of auto enrolment schemes be they the various Master Trusts or the 1.8 million smaller companies yet to initiate the auto enrolment process.

Other elements of later life saving will also be recognised, such as ISAs and equity release.

The theme of DC provision had already been introduced by the new Minister for Pensions Ros Altmann as she laid out her most immediate priorities.

Her message was simple and clear: The industry needs simplicity and clarity.

Altmann insisted that it was essential for smaller companies to get involved with good quality, good value schemes, with clear and effective guidance and advice to members.

With the newly branded Pensions and Lifetime Savings Association offering these companies representation, this may become a realistic goal.

First publihsed 16.10.2015

neil.blain@wilmingotnplc.com