WORKPLACE RETIREMENT INCOME COMMISSION

That this House welcomes the setting up by the National Association of Pensions Funds of the independent Workplace Retirement Income Commission, under the chairmanship of Lord McFall of Alcluith; notes that by 2030, the number of people over 65 years will be around 50 per cent. higher than today, and that while age-related public spending on health, pensions and gross social care was 16.5 per cent. of gross domestic product (GDP) in 2009-10, that figure will increase to 20.6 per cent. of GDP by 2049-50; applauds the Commission's remit to build on the work of the Turner Commission and deliver a consensus on solutions to strengthen workplace retirement saving; and believes that further reform is needed to ensure that saving through the workplace remains the best means by which UK citizens can retire in dignity and security.