2005
UK pensions reform: time to get on with delivering national pensions savings scheme, says PA Consulting Group
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30 November 2005
PA Consulting Group welcomes the Pensions Commission's courageous recommendation for a low cost funded National Pensions Savings Scheme (NPSS), in particular, Turner's recognition of the urgency of getting the scheme operational as soon as possible, and the focus on low and middle income earners. In PA's view, now is the time to move from debate to the urgent matter of delivering one of the key elements of UK pensions reform - the National Pensions Savings Scheme.
Such a scheme has the potential to deliver the 'holy grail' of retirement savings by delivering a system that promotes personal responsibility for savings, is fair, affordable, simple and sustainable. It would support the millions of people on low and middle incomes who are willing and able to save but are deterred by the complexity and costs of current alternatives.
The proposed scheme provides simplicity where there is complexity and efficiency where there is waste. Under reasonable assumptions, a national pension savings scheme, of the type advocated by the Pensions Commission, could boost the amount low-income savers could expect to get in old age by over 30 per cent [in relation to existing alternatives].
David Troman, of PA Consulting Group, says: “The creation of a low cost funded savings scheme is one of the defining issues in the reform of UK pensions. Achieving the Pensions Commission's target of having the NPSS operational by 2010 will present some significant delivery challenges, including collaboration between the public and private sectors and the need to overcome widespread consumer distrust on the matter of pensions. However, if successful, such a scheme holds out the realistic prospect of encouraging savings and increasing retirement incomes for millions of workers let down by existing arrangements.”
Ends
For more information, please contact:
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| Heather Smith |
| PA Consulting Group |
| 123 Buckingham Palace Road |
| London |
| SW1W 9SR |
| United Kingdom |
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Tel: +44 20 7312 4975 |
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Fax: +44 20 7312 4639 |
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E-mail:
heather.smith@paconsulting.com |
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Notes to editors
About PA Consulting Group
PA Consulting Group is a leading management, systems and technology consulting firm. Operating worldwide in more than 35 countries, PA draws on the knowledge and experience of 3,000 people, whose skills extend from the initial generation of ideas, insights, solutions and new technology, all the way through to detailed implementation.
From the development of innovative strategies and solutions right through to their successful delivery, all of our work and support is based on deep sector insight and expertise. We work across the private and public sectors, with particular strengths in financial services, energy, life sciences and healthcare, government and public services, manufacturing, and telecommunications. We help our clients to design optimum strategies for growth, deliver effective IT that improves business performance, mobilise human resources, deliver complex programmes and major business transformations, and develop breakthrough products and processes through our unique applied technology capability.
As an employee-owned company, with no audit arm nor exclusive alliances with third-party vendors or service providers, we are answerable only to ourselves and our clients. This independence means the advice we give to clients, and the work we deliver, are based only on what is best for our clients’ business. We will, however, work in non-exclusive alliances on specific programmes when it is in the best interests of our clients.
PA’s independent, benefits-driven approach is founded on our strength in innovation, our responsiveness to our clients’ needs, and our unyielding focus on delivery:
Innovation. Innovation comes in a variety of forms - in how customers' needs are identified and satisfied, in business models, in motivating and aligning staff, in the use of technology, and many more. PA has an unsurpassed track record in innovation, from developing pharmaceutical anti-counterfeiting measures and wireless technologies, to helping launch an innovative online bank, to development work that is helping alleviate poverty and boost the economies of developing countries.
Responsiveness. We recognise that each client and each problem have their own challenges and issues. Our solutions are therefore tailored to our clients’ specific circumstances, drawing on the deep industry insight of our consultants. Our relationships with clients are characterised by respect, flexibility and collaboration, and we pride ourselves on the speed of our response and the dedication of our people.
Delivery. At PA, delivering client value is ingrained in our culture. We focus on detailed implementation, with a renowned track record of delivering innovative solutions that achieve lasting change. At PA, we see projects right through to the finishing line - and beyond - delivering significant and measurable value to our clients.
PA: Innovation. Responsiveness. Delivery.
www.paconsulting.com
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