Pensions experts have identified a shopping list of key areas where the Government needs to focus its energies if it is to meet its Red Tape Challenge and reinvigorate workplace pensions.
These include the overly prescriptive rules on the type of pensions employers need to offer, and how employers communicate with the members of their pension schemes.
Responding to the Government’s “Pensions Spotlight”, the National Association of Pension Funds (NAPF) has called on the Government to seize the moment by streamlining regulations. It added that the Government needs to ensure that the regulatory regime for pensions protects members’ interests while not imposing unnecessary burdens on employers who are providing good quality pensions to their workforce.
Joanne Segars, NAPF Chief Executive, said:
“We welcome that the Government is taking a long hard look at pensions regulation. This is a positive first step in its wider commitment to reinvigorate workplace pensions.
“We need a regulatory system that protects members’ interests, whilst also supporting good quality workplace pensions.”
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Opportunity to revitalise workplace pensions
Companies not proactively preparing for auto-enrolment
A recent survey by the Chartered Institute of Personnel and Development has found that while the majority (75%) of employers are fully aware of imminent changes to workplace pension schemes, not as many are prepared for auto-enrolment - less than one third (32%) of employers know the date on which the new rules will apply to them.
