NAPF to reshape pensions council structure

The National Association of Pension Funds (NAPF) has overhauled the structure of its two main policy-making councils to reflect changes in the pensions landscape and create a clearer focus on defined contribution (DC) pension schemes.

The two new councils – Defined Benefit Council (DBC) and Defined Contribution Council (DCC) – will replace the existing Retirement Policy Council (RPC) and Investment Policy Council (IPC).

Each of the new councils will have 15 members, who will all be leading figures from the pensions industry.

The changes will come into effect followin the NAPF annual general meeting in October 2013.

As a transitional measure, the NAPF will establish a DC committee, which will include members of both current councils. This will be chaired by Lesley Williams, retirement policy council vice chairman and group pensions director at Whitbread.

Mark Hyde Harrison, chairman of the NAPF, said: “These councils help provide leadership to the industry and we need to ensure they are ready for the future.

“The new structure means the NAPF will be even better placed to deal with the changing challenges of the pensions and retirement agenda.

“The current council configuration has worked very well but, looking ahead, we want the right structures in place to meet our members’ needs. Auto-enrolment has been a game-changer and it is more important than ever to set good, strong policy around DC pensions.”