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A new organisation the Pensions Policy Institute (PPI) begins its work this week researching the field of pensions.
The findings of the Institute's research will be of use to government decision-makers and their advisers, pension and savings providers, employers and trade unions, academics and commentators. The PPI will inform analysis of, and recommendations for, pension provision.
The Institute's specific aims are to:
Tom Ross, Chair of the PPI, said:
"Pensions affect everyone. But too few people understand them and what is needed for adequate provision for retirement. We want to change that. The PPI will help to set out the real choices facing the UK pensions policy. We believe that better information and better understanding will lead to better provision for all."
The formation of the PPI was recommended in the Pension Provision Group (PPG) 1998 report 'We All Need Pensions - The Prospects for Pension Provision'.
Age Concern, the Confederation of British Industry (CBI) and the Association of British Insurers (ABI) have all formally endorsed the formation of the PPI.
Gordon Lishman, Age Concern England's Director-General, said:
"Age Concern believes many people are confused about current pension provision and this can be a major disincentive to people saving for their retirement. We hope the PPI's work will play a valuable role in ensuring we have the pension framework to achieve an adequate income for today's and tomorrow's older people, and to help individuals be clear about pension provision and make better decisions for their futures."
CBI Director-General, Digby Jones, said:
"Pensions policy is a very important area for employers. I support the formation of the PPI and look forward to studying the results of its work.
Mary Francis, Director General of the ABI, said:
"Providing decent incomes in retirement for an older population is one of today's key issues, particularly in light of the UK's £27 billion savings gap. The state and the financial services industry both have a part to play and the ABI welcomes the creation of the PPI as an influential body in the field."
Alison O'Connell has been appointed as the first Director of the Institute. Prior to taking up this position Alison was Head of Strategy at the Swiss Reinsurance Group.