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NAPF rebrands itself to cover
non-pension savings trend
15 October 2015 By
Rachel Fixsen,
Jonathan Williams
The
UK’s National Association of Pension Funds (NAPF) is changing its name
to the Pensions and Lifetime Savings Association, with effect from
today, in a move it says reflects the fact people are now working
later in life and funding retirement in different ways.
Joanne
Segars, chief executive of the association, told the NAPF’s annual
conference in Manchester: “Retirement simply doesn’t look like it used
to. Today, people work later in life, and they fund their retirement
in all sorts of ways.”
She
said the lines were blurring between work and retirement, between
pensions and other types of saving and between scheme and saver
responsibility.
The
newly renamed Pensions and Lifetime Savings Association said its
purpose was to “help everyone achieve a better income in retirement.”
In the
future, the association’s lobbying work and research on policy and
legislation will have to consider the role that property, work and
other savings played in funding retirement, it said.
Asked
if the rebrand would see the association’s focus move away from
institutions and institutional investors, Segars admitted there would
be a shift into the retail space, as the ability for UK pension savers
to draw down their pensions from age 55 meant people would need to
make “tough and difficult decisions”.
“So
[the rebrand] is about making sure we are still about those members,
those institutions who are our members – but we are working through
them, as well as directly to help support saving,” she said.
The
association used consultancy Wolff Olins to develop the new brand –
which will see its colours changed to what Segars said was
“glorious fuchsia and teal” – but declined to specify how much the
exercise cost, saying the information was commercially confidential.
The
rebrand will see the association continue to use the Pension Quality
Mark, its certification method for good quality defined contribution
funds.
It
said the association’s board was satisfied the amount it had spent
represented “great value for money”.
“We’ve
minimised costs by doing this project now when we are getting to the
point of needing to refresh much of our collateral anyway, so the cost
of the project has absorbed those costs from a later date,” it said.
It
said the change was discussed extensively with the board and the
association’s policy-making councils, and that several consultation
groups had taken place earlier this year with members.
It
said it did not need member approval at the AGM, as the association
was changing only its trading name at this point.
It
will seek approval from members at next year’s AGM, however, to change
the legal name of the organisation.
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