Giving pension providers clarity should be the priority for new PM, says Penfold CEO

Giving employers and pension providers clarity should be the priority as Andy Burnham takes office, said Chris Eastwood (pictured), CEO of Penfold. 

His comments come as Burnham is set to become Prime Minister on 20th July.

Eastwood said: “Andy Burnham takes office at an important point for workplace pensions, with a significant programme of reform already moving into delivery. 

“The priority should be maintaining momentum and giving employers and providers the clarity they need, while ensuring that changes lead to better value, simpler experiences and stronger outcomes for savers.

“Auto-enrolment has brought millions of people into pension saving, but participation alone does not guarantee a comfortable retirement.”

Eastwood added: “We would welcome a renewed focus on helping people understand whether they are on track, encouraging stronger engagement and supporting groups that remain underserved, including the self-employed.

“A well-functioning pension system can also support long-term investment and economic growth, but the first test of any reform must be whether it improves outcomes for savers.”