It’s the Pension Policy Institute’s’s 20th birthday this year and it has marked that achievement with the creation of a new pension framework.
They have published the slides of yesterday’s launch event.
Here are the main messages coming out of the event
Purpose
The PPI’s UK Pensions Framework aims to support the development of the future of
pensions policy by allowing stakeholders a coordinated and holistic view of changes across the system for the first time. The Framework also goes beyond a one-dimensional view of changes by showing how policy reforms are affecting key parties, what secondary effects may occur and where trade-offs might exist.
Measures – adequacy, sustainability and fairness
The framework analysis is structured around three interdependent objectives, each of
which is integral to the overall goal of the pension system – helping people to achieve
financial security in later life. They are adequacy, sustainability and fairness.
Design Principles
This publication sets out the design principles of the framework and the process by which
it was constructed. The process included consultation with over 70 key pensions policy
stakeholders.
Next year, the PPI will publish the first edition of the UK Pensions
Framework, setting out full analysis of how the UK pension system is working to support
retirement outcomes that are adequate, sustainable and fair.
Use
From thereon, the framework will be a dynamic instrument, tracking changes each year
and simulating the effect of potential shifts or reforms on the system. The analysis will
provide policy-makers a comprehensive understanding of how each potential change might affect other elements of the system, and ultimately the experiences that people in the UK have in later life.”
There is a detailed report as to how their Pension Franework came into being which you can download from here.
The report is supported by a number of other reports which are illustrated with this infographic.
I’m proud to have been one of 70 people who the PPI called on for input in this over 2021, I look forward to seeing it in use next year and will be relying on it for future blogs.
