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Top e-government news, updated daily, and regular features from the top people in the public sector.
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| Shake-up of pensions regulation not going ahead |
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As a result of a new drive to simplify pensions legislation, regulations due to come into force later this year will now not go ahead, Minister for Pensions Reform James Purnell announced today.
Draft regulations on disclosure of information were scheduled to be introduced in October. However, in its pension reform White Paper in May the DWP announced a review of regulation in order to ease the burden on employers and make it easier for them to run workplace pension schemes.
Mr Purnell said:
"Between 7m and 12m people are not saving enough for retirement, which is why we have proposed bold reforms to the pension system – including automatic enrolment into a system of personal accounts, which will particularly help lower earners.
"But we are also committed to strengthening quality occupational provision already being offered by employers. Our goal is to help schemes thrive by reducing costs and red-tape."
We want to take a step back and look again at the broader framework of regulation. That’s why we have decided not to go ahead with this package of regulations.
"It would not be fair to employers to bring in further requirements only for these to be changed as part of our deregulatory review." |
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