The Pensions and Lifetime Savings Association has been renamed to Pensions UK.
Chief executive, Julian Mund, said: “We have a new name, new logo and new visual identity but, as the most trusted and authoritative voice of pensions, we will continue to do everything we can to help everyone get a better income in retirement.”
It comes as the trade body launches its “ambitious” new strategy for the next decade.
A report, published today (July 2), set out how the body will support members through changes; including consolidation, increased emphasis on investment and growth assets and an “urgent” need for people to save more.
Mund added: “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.
“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.”
The report set out that going forward working lifes are longer and more varied, as well as being more precarious.
It said 73 per cent of the population (83 per cent of active defined contribution savers) are on track to achieve at last the minimum standard.
However, there are still a quarter of adults who still fall short and a fifth of working adults are predicted not to meet the minimum.
There is also a change in housing expectations for those going heading to retirement with more than 10 per cent of over 65s expected to be living in private rented accommodation by 2030.
Pensions UK anticipates that consolidation in pensions will continue into the 2030s with a 50 per cent reduction in the defined contribution sector and 30 per cent decline in defined benefit schemes expected.
The report set out Pensions UK wants to see a pensions system that provides adequate retirement income to savers delivered by a market that a is well run and regulated.
Emma Douglas, chair of the trade body’s 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.
“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.”
tara.o’connor@ft.com
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