UK - The Department of Work and Pensions (DWP) has issued a consultation paper aimed at simplifying private pensions regulation.
The DWP said the Deregulatory Review would try ease the burden of red tape for employers who offered workplace pension schemes, while also protecting the interests of pension scheme members.
Amicus joint deputy general secretary Ed Sweeney and former Unilever head of UK pensions Chris Lewin were appointed by the DWP last year. They are working with the DWP deregulatory advisory group, which is made up of pensions industry, business and union representatives, to carry out the review.
Sweeney and Lewin have gathered views from key stakeholders and have summarised the evidence they have received in the consultation paper.
The paper will seek to recommend future changes that would make running schemes easier, lighten regulation and reduce bureaucracy and cost.
Some significant suggestions in the paper include whether limited price indexation of pensions in payment should be scrapped and whether the rate of revaluation of deferred benefits should be reduced.
It will consider a range of measures affecting both administrative costs and the costs of provision. Interested parties are asked to respond by 6 April.
Findings and recommendations will be presented to Ministers in the spring.
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