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and legislation relating to the role of the trustee will be examined as part of a cross-Government drive to abolish outdated or unnecessary regulations.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.
Regulations under review can be found here: http://www.redtapechallenge.cabinetoffice.gov.uk/pensions/
Notes to Editors
- The Red Tape Challenge was launched by the Prime Minister on 7 April 2011. It gives business and the public the chance to have their say on some of the more than 10,000 regulations that affect their everyday lives.
- The website is available at www.redtapechallenge.cabinetoffice.gov.uk
- Once you’ve had your say your contributions will be used to produce a set of proposals on regulatory reform. These proposals are reviewed by a Ministerial ‘Star Chamber’ in Autumn with the presumption that all burdensome regulations will go unless Departments can justify why they are needed - well-defined and necessary regulation will be kept. DWP then put their proposals to the Reducing Regulation Committee and seek policy clearance.
- An announcement on decisions will then be published and implementation by Departments will begin.
- Overall, of just under 1500 regulations considered so far, the Government has committed to scrap or improve well over 50% - decisions that will bring real benefit to businesses, Civil Society organisations and individuals.
- The Challenge process does not include legislation or regulations falling within the responsibilities of the devolved administrations.