ACA calls for independent retirement income commission

An independent commission in charge of funding for elderly care will 'fit in better' with the changing sector, a leading actuary has said.

Keith Barton, chairman of the Association of Consulting Actuaries (ACA), commented that he is against the "piecemeal approach" to retirement which has been put forward by the three main political parties.

He explained that the lack of a unified approach to retirement income, elderly care and public sector pensions may lead to conflicting priorities.

"A standing independent retirement income commission should be established so policy across state, public sector and private pensions would be addressed in a 'joined up' way, rather than by piecemeal reforms, which often work against each other," Mr Barton told the audience at an industry dinner.

"Such an approach would help in coordinating timely changes in retirement ages as longevity improves, balancing the aspirations of the retired with the costs falling on the working population."