The National Association of Pensions Funds (NAPF) has been renamed the Pensions and Lifetime Savings Association.
The rebrand is in recognition of a market where pensions only make up a portion of people’s retirement income. The new organisation will also look at areas such as ISAs, equity release and long-term care.
“We need to be bold about the future and do our best to help those who are trying to do the right thing by saving for a decent retirement income,” said chief executive Joanne Segars (pictured). “We need to look beyond pensions towards lifetime savings.”
The organisation will expand its remit by offering new services for the two million smaller employers currently going through auto-enrolment as well as offering help for savers.
However, Segars said the new organisation remained committed to its current membership.
“We are not moving away from our members,” she said. “We need to get ahead of the changes that we can see coming. It will not be a massive programme of change.”
Retirement ‘not just about pensions’
The organisation discussed the move with a selection of members prior to launch through a series of workshops. Diageo pensions director Stuart Stephen believes the move is a positive one.
“The change of name will make the organisation more relevant as there is more to retirement now than just pensions,” he said. “We did challenge them on the move but they had clearly given it a lot of thought and I think the change is merited.”
HSBC Global Asset Management’s head of strategy Stuart White described the move as “shrewd.”
“The NAPF has chosen to look forward not back and its fund members are often responsible for both defined benefit and defined contribution pensions,” he said. “Bringing these strands together is in line with the need to think about retirement more holistically.”