Pensions in the spotlight for Red Tape Challenge

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and legislation relating to the role of the trustee will be examined as part of a cross-Government drive to abolish outdated or unnecessary regulations.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.”