A “change programme” is needed to help people with the shift in the market from defined benefit to defined contribution pensions, according to The Pensions Advisory Service chief executive Michelle Cracknell.

Speaking at the Association of Member Nominated Trustees conference this week in a debate on the balance of power, Cracknell said a programme is needed to help people move from being recipients of pensions to consumers of pensions.

“The message to employers and schemes needs to be clear - don’t forget the members! People have far more complex lives than 20, even 10, years ago as we are living longer, working for more employers and there are many more split and non-‘traditional’ families with a lower probability of inheritance for example,” she stated.

Cracknell noted that “people don’t know what they don’t know” and they “need support they can trust to understand their pensions and the options available to them”. Therefore, a “change programme” is desperately needed so that people are equipped to be accountable and responsible for their retirement income and have access to the necessary support of course.”

Also speaking at the conference, Pensions and Lifetime Savings Association chair Lesley Williams urged schemes to better diversify their trustee boards to ensure power was in capable hands.

Williams commented: “Think about making sure that your trustee board has people who think differently from you, as being challenged and being able to challenge is a key skill for any board. In this way pension schemes can improve their governance and, ultimately, deliver a better service to members.”

AMNT co-chair David Weeks added: “By tackling key issues such as transparency, public engagement and empowering trustees, we can make real strides in solving some of the hurdles that members face when planning their financial futures.”

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