UK - Pensions reform is set to be delayed until early next year owing to a row between the Treasury and the Department for Work and Pensions.
A source close to the Inland Revenue review team claims the row centres on whether the report should greater focus on occupational pension schemes or private pensions.
And without a resolution between the two government departments, the government’s green paper on pensions reform is certain to be delayed, missing the much-publicised autumn release date.
The government has set up a House of Commons work and pensions committee inquiry in a bid to reach an agreement and make progress on the green paper.
Work and pensions committee chairman Archy Kirkwood confirmed: “The green paper is unlikely to be published until the Inland Revenue work is finished and it may well be that the government will just hold on until we produce our piece of work as well.”
The committee is not expected to complete its inquiry until early next year.
The Inland Revenue review team source agreed that delays were the likely outcome.
He added: “Until these big questions are answered, then I can’t see anything conclusive being agreed over the Pickering or Sandler reports and the green paper is likely to be delayed.”
The pensions committee will also consider:- Greater incentives to save in occupational schemes – a policy favoured by the DWP- Imposing compulsory membership of occupational schemes – a policy preferred by the Treasury.
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Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
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Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers