The Pensions and Lifetime Savings Association (PLSA) has rebranded to Pensions UK to reflect the importance of pensions in people’s lives and economic growth.
Revealing the new name, chief executive officer Julian Mund said: “Pensions matter, both on a personal and a national level. They play a defining role in people’s lives and, increasingly, are playing a defining role in economic growth. It’s a time of great change in the industry, as we embrace these roles, new policies and our importance for wider society.
“At this organisation, we have set ourselves a clear objective – to make our industry, and our system, ready for the next decade. To reflect that, we will no longer be known as the Pensions and Lifetime Savings Association. We will now be known as Pensions UK.”
Mund added that Pensions UK recognises the “powerful” role pensions play in the UK – in people’s lives and in the economy.
Lifetime savings will remain an “important” part of the picture, Mund stressed. However, he added that the Pension Schemes Bill requires default pension benefit solutions.
He said: “Pensions UK recognises that what we’re truly here for is a better income in retirement – in simple terms, a pension.”
Strategic priorities
The new name marks the start of the association’s strategy for the next five years, with five strategic priorities.
Firstly, Mund said the association wants to make pensions better. This includes continuing to shape policy that puts saver outcomes first, across adequacy, consolidation, investment in growth, and how pension savings are used before and during retirement.
To achieve this, Mund explained that the association will convene groupings of members more frequently to help solve shared problems.
Secondly, the association wants to influence pensions policy by becoming a “go-to voice for government and the media” to bring clarity and confidence to the debate and use evidence to push for progress.
Thirdly, it wants to deliver outstanding value to members. This includes better insight, deeper engagement, and enhanced access.
The association also wants to build a “great place to work” and fund its future efficiently as a not-for-profit business.
Mund said: “To shape the world we want to see in the 2030s, we must respond to change with clarity and purpose. Our strategy for 2025 to 2029 will prepare Pensions UK and its members to thrive as we enter the next decade.”
He added: “We’ll make pensions better, influence policy, give outstanding value to our members, build a great place to work and secure our future as an authoritative, purpose-led and impactful organisation.”
Emma Douglas, chair of the Pensions UK board, said: “The world of pensions is changing fast, and we need to stay ahead as retirement saving plays a defining role for the UK. The sector will require bold thinking and strong leadership.”
Douglas continued: “Our policy work for the next five years will be based on our understanding of the world we are likely to see in the 2030s, from the experiences of members and retirees to the structure of the pensions market and the direction of public policy. We’re drawing on the latest trends, projections and evidence to set out not just what is changing, but what must be done in response.”
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