The National Association of Pension Funds (NAPF) today (Thursday) commented on the Regulatory Policy Committee’s (RPC) opinion on the Department for Work and Pensions’ (DWP) consultation on charges in qualifying pension schemes.
Helen Forrest, Head of Policy, NAPF, said:
“The NAPF wants to see pension schemes that offer quality and value for money to scheme members and we welcomed the Government’s consultation. However, the RPC’s finding is not altogether unexpected given the compressed consultation period on this important issue. On behalf of our members, and the 16 million people to whom they will provide retirement income, we have consistently counselled the Government not to rush the consultation.
“Despite the RPC’s opinion, the DWP still intends this legislation to take effect from April 2014, leaving no opportunity to lessen the breakneck pace at which this consultation and the subsequent legislation are being pursued.
“We want to see effective and thoughtful reform introduced without delay but rushed legislation is almost certain to provide unexpected, and unwelcome, consequences.”
Notes to editors:
1. The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,300 pension schemes with some 16 million members and assets of around £900 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
Lucy Grubb, Head of Media and PR, 020 7601 1726 or 07713 073023, [email protected]
Aimee Savage Richards, Press Officer (interim), 020 7601 1718 or 07825 171 446, [email protected]