NAPF recommend pensions shake up

A group of pension experts have launched a new blueprint aimed at improving the UK’s pension scene.

The National Association of Pension Funds’ (NAPF) wish list, entitled ‘Fit for the Future’ – NAPF’s Vision for Pensions, includes a recommendation to introduce a Foundation Pension worth up to £8,000 per year.

According to the organisation, the move could lift as many as two million pensioners out of means tested benefits.

NAPF chief executive Joanne Segars said: "Our proposals are designed to create a pension system which is fit for the 21st century.

"They increase the value of the state pension for everyone, radically reduce concerns over means-testing and increase the value and quality of workplace pensions."

Pension schemes have long been the traditional form of retirement income in the UK.

In recent years, however, many Britons living in Spain have been able to choose other options such as equity release policies any property they may own – either back in the UK or on any property in Spain, to provide additional funds for their future.