The Actuarial Profession, the trade body representing the actuarial sector, has called for the government-appointed Pensions Commission to be made permanent to bolster public confidence in the pensions system.
The profession believes that, given the long term uncertainty over life expectancy in the future, a permanent Pensions Commission would offer some much needed certainty in the way the system would be administered. The current commission, chaired by Lord Turner, is set to be wound up later this year.
The continuing trade-offs between the cost burdens falling on different generations will be difficult to achieve without the existence of an independent body, vested with authority, capable of monitoring the implications of increased longevity. This process should take place on a permanent basis and should also include a formal remit to report to parliament regularly, the body said in a statement.
The profession…recommends that making the Pensions Commission permanent would be the best way of successfully meeting that requirement.