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NAPF calls on government to guarantee pension protection fund

The National Association of Pension Funds (NAPF) has today released a statement urging the UK government to guarantee the pension protection fund. This is the industry financed arrangement with funds used to compensate those who may have lost money in a failed pension fund or pension arrangement. The NAPF has also suggested the government needs to be more flexible regarding rules for pension schemes and also issue longer dated debt instruments, such as Treasury bonds, which will allow pension fund administrators more flexibility when planning for the longer term.

There has been a significant shift in the underfunding position of many final salary pension schemes across the UK and commentators are suggesting that this type of arrangement will become even rarer in the future. We are talking about an underfunding position which amounts to hundreds of billions of pounds and the very real threat that pension fund members will be severely disadvantaged in the future.

Interestingly the NAPF is also suggesting a joint venture with the government to make the public more aware of the pension fund industry and pension arrangements for the future. This would appear to be a very sensible approach as despite much publicity for the sector, many in the UK are woefully underfunded for their retirement.

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