The National Association of Pension Funds (NAPF) has urged the pensions industry to engage with the Government’s ‘Pensions Spotlight’ launched today as part of its Red Tape Challenge.
The Spotlight is a Government consultation period that runs from April 19 to May 10, during which pensions regulations will be scrutinised to see which rules are no longer needed and can be removed.
Darren Philp, NAPF Policy Director, said:
“We’re calling on our members and the pensions industry to let us know which regulation is irrelevant or no longer fit for purpose.
“Around 1,000 new pensions regulations have been created since 1995. The industry needs to shine a bright light on the rulebooks and tell the Government what should be cut out. Outdated regulation hampers innovation and can be a big burden on admin costs.
“It is clearly important that there is regulation to protect people’s pension benefits, but we also need to encourage employers to support pension provision. It is a question of striking the right balance.”
Notes to editors:
1. The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,200 pension schemes with some 15 million members and assets of around £800 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
2. The website is available at www.redtapechallenge.cabinetoffice.gov.uk
Paul Platt, Head of Media and PR, NAPF, 020 7601 1717 or 07917 506 683, [email protected]