Better workplace pensions: Reducing regulatory burdens, minor regulation changes, and response to consultation on the investment regulations
The Association believes that significant gains could be achieved by reforming regulation which would allow trustees to focus on their primary purpose: ensuring members get the best possible retirement outcomes. While some of the issues outlined below demand overarching change, many require small, often technical, changes which would ultimately benefit savers by reducing cost burdens and freeing up trustees to focus on member outcomes. In particular we would like to highlight the following issues as pertinent to this debate:
- GMP reconciliation
- Pension scheme indexation
- Maintaining contributions
- Section 75 debt
- Pensions liberation”
The Pensions and Lifetime Savings Association (the Association) is pleased the government is turning its mind to the regulatory burdens facing pension schemes and to addressing some of the ‘snagging’ issues outstanding from the implementation of Better Workplace Pensions.
There is a very real need for smarter, more effective regulation which reflects the evolving pension landscape, protects members and does not place a disproportionate burden on schemes.