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04-Mar-08 11:10 [Pensions]
NAPF welcomes workplace financial advice The National Association of Pension Funds (NAPF) has welcomed the creation of the government's Money Guidance service and it's recognition of the workplace as a "key part" of the service.
Joanne Segars, chief executive of the NAPF, said that the service is a "much needed innovation" and is one that the organisation will support.
"We are particularly heartened that the workplace is seen as a key part of the proposed new service," she remarked.
According to the expert, the NAPF's Pensionforce service has found that "face-to-face" meetings are a "popular and effective" way of informing people about financial issues.
Meanwhile, the Investment Management Association has called on the new service to focus on encouraging people to save and invest for the future.
The organisation's director of training and education Victoria Nye said that educating people on finances "has become essential".
However, the new service must add value to the services that are already available, she added.
The use of company pension schemes is "vital" if a person wants to enjoy a top standard of living upon retirement, it has been stated.
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Final salary benefit pension schemes are to see a greater fall soon, with a growth in scheme closures to existing members as large employers look to lose their remaining liability, it has been revealed.
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The Scottish National Party (SNP) has rejected an offer by the government after Westminster proposed a reform of the police pension system in Scotland in return for extra funding.
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