UK - Treasury opposition has pushed publication of Alan Pickering's Simplification Review back to late July "at the earliest", according to industry sources.
Treasury objections to key Pickering proposals have caused the Department for Work and Pensions to miss its own internal deadlines for completing the review. A final draft of the Pickering review was handed to the DWP on May 28.
A leading pensions manager said: “The delay is probably because Alan Pickering is digging his heels in and the Treasury is trying to reach some sort of compromise that suits both sides – a compromise that will be no easier now there is a Treasury ally [Andrew Smith] heading up the DWP.”
He believed the Treasury was trying to dilute the proposals because of their revenue implications.
One of the key proposals that may be facing Treasury opposition is a proposal to remove the earnings cap on occupational pensions.
The measure is aimed at increasing company directors’ commitment to the pension funds they sponsor, but will hit Treasury tax revenues.
Pickering has himself revealed little about what will be in his review – only disclosing the broadest of outlines to the NAPF conference last month.
He said then that the review would concentrate on:
- Significantly reducing the level of prescriptive legislation.- Increasing the level of communication between pension schemes and their members.- Giving employers more control over the design of pension plans.Making the role of trustees more rewarding.
Ex-BHS owner Dominic Chappell has been ordered to pay a total of £87,000 in fines and court costs after he was found guilty of failing to provide The Pensions Regulator (TPR) with information.
The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
Nearly a third (32%) of employers believe new technologies, such as augmented and virtual reality, will play a part in benefits communications, latest research from Aon Employee Benefits reveals.