Better Regulation – Responding to the Red Tape Challenge: An NAPF call for evidence
With the Government due to launch its ‘Red Tape Challenge’ spotlight on pensions in the spring the time is right for a more radical rethink that moves us away from today’s highly prescriptive approach to regulation and which helps to support and facilitate workplace pensions.
The NAPF believes there is significant scope to scale back the existing volume of regulation and legislation surrounding workplace pensions. The current raft of highly detailed, highly prescriptive legislation and regulation could be replaced with higher level regulations or codes that place more initiative and responsibility with the trustees and others charged with running the scheme. The appetite of the Coalition to cut back on ‘Red Tape’ gives us an opportunity to drive this agenda forward, but any representations we make need to be backed up by specific proposals, evidence of the benefits to schemes, and recognition of the potential risks.
This Call for Evidence aims to gather the ammunition we need to persuade Government that there is a case for change.