UK - Alan Pickering, chairman of the European Federation of Retirement Provision (EFRP), outlined some of the recommendations in his Simplification Review, but refused to be drawn on detail.
Speaking at the recent National Association of Pension Fund’s (NAPF) annual conference in Brighton, Pickering said that the review would look to dumb down “over-intrusive” regulation; reduce the number of pension schemes, and examine saving incentives for both employers and employees.
But Pickering said that the review would not recommend the abolition of much debated trust-based pension arrangements.
He added that recommendations would also look to make non-expert trustees more independent, warning that “trustees must not be a clone of their hired professional hands.”
But according to recent reports, Pickering’s much awaited recommendations will be effectively tied by what the Government finds politically acceptable.
Consultants fear that to achieve ‘genuine simplification’ Pickering would have to drop more radical measures including compulsory membership; removing the earnings cap; balancing the power between employer and trustees; abolishing contracting-out, and amending accrued rights to reduce compliance burdens and red tape.
By Madhu Kalia
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