The Pensions theme announced the measures to be taken on Thursday 25th April. Please click here to see the announcement and to download the spreadsheet with the details for each regulation.
Government is committed to creating a regulatory regime that supports pensions saving and is fit for the 21st century. Good regulation plays a vital role in pensions saving; it protects business, consumers and employers. But unnecessary, overcomplicated regulation strangles business, can contribute to poor outcomes for members, and it has to go.
The Red Tape Challenge will help tell us what regulations are unnecessary and help us make sure that companies continue to offer good quality pensions. We want people who have to deal with the bureaucracy of pensions to tell us specifically what regulations they think are too burdensome so that they can be improved. The Red Tape Challenge will continue our drive to abolish regulations that have become outdated and unnecessary– such as removing the requirement to send all communications in hard copy – but there is still more to do. Please share your thoughts on how these regulations could be improved at the comment pages below.
Automatic enrolment and state pension legislation (along with the associated contracting out regulations) is not part of the Red Tape Challenge. Further details can be found on individual Red Tape Challenge pensions pages. We also previously invited comments on state pensions – you can view these here.
Include duties relating to occupational pension schemes, which are normally set up by an employer (known as the sponsoring employer) to provide a pension for employees.
Include duties designed to ensure that occupational pension scheme members receive their promised pension.
Share your general thoughts on pension regulations here. These will be fed into our wider policy agenda for this area. Please share your thoughts on Pensions Protection and Private Pensions on comment pages to the left.
This site is designed to promote open discussion of ways in which the aims of existing regulation can be fulfilled in the least burdensome way possible. The presence of a particular regulation or law on this website should not be read as implying any intention on the part of the Government to remove that regulation or law from the statute book. The purpose of this exercise is to open government up to the public.