Current private pensions regulations are being put in the spotlight from this week, as part of the Government’s ‘Red Tape Challenge’.
From 19 April – 10 May pensions regulations such as defined benefit legislation, the protection regime and legislation relating to the role of the trustee will be examined as part of a cross-Government drive to abolish outdated or unnecessary regulations.
People who deal with pensions processes day-to-day are being urged to tell the Department for Work and Pensions specifically which regulations they think are too burdensome.
Minister for Pensions, Steve Webb, said:
“Good regulation plays a vital role in private pensions saving; it protects business, consumers and employers. But we need to go back to first principles and make sure unnecessary or overcomplicated regulation doesn’t hinder saving.”