Nine in ten respondents said around 160,000 pages of legislation is too much
This week's 100 respondents also answered questions on the likelihood that UK will reach a Brexit deal and avoid a ‘no deal' scenario by 29 March 2019, whether the government should abolish the Lifetime ISA, and whether the government should introduce stepped automatic enrolment contributions based on an individual's annual income.
An overwhelming majority (92%) of this week's Pensions Buzz respondents said there is too much red tape in pensions. Of these, some pundits argued that the estimated 160,000 pages of pensions legislation is "too much".
Meanwhile, one said: "Far, far too much red tape with widespread damage caused - not least the huge administrative cost of compliance with it all."
Another pundit cited that to simplify, will need a definite change of mind-set - what inevitably will result are some winners and some losers, and we have to accept this.
"Nothing justifies the ridiculous levels of rules and regulations that currently exist, and that is after so called simplification."
Some 5% of respondents answered no, with one commenting: "We probably have the right amount of red tape in pensions. Whether it is the right red tape is another matter."
Just were 3% were unsure, with one pundit saying everything that is there, is there for a reason. "However, the way our legal system is will mean the amount can only ever grow."
Just over half of respondents believed it is likely or very likely that the UK will reach a Brexit deal and avoid a ‘no deal' scenario by 29 March 2019.
Under half (40%) said it is likely, while 12% thought it is very unlikely.
One person that chose the ‘likely' option said: "Sadly likely. No deal (or, more correctly, a World Trade Organisation deal) would be better than this horrible mess of a satrapy that the prime minister's ‘remainer' civil servant has contrived to tie us into."
One respondent that said it was very likely, noted: "Unless [Theresa] May capitulates over everything the EU demands, thus committing the UK to years of penury under the EU yoke until the EU itself collapses."
Just under a third said it is unlikely, with one saying there is not a workable deal to be found. "It will end in endless transition deals followed by another referendum by a future government where a younger electorate will vote to remain."
Some 16% said it is very unlikely the UK will reach a Brexit deal by the deadline.
Almost 60% of respondents thought the government should abolish the Lifetime ISA (LISA), with one calling it is a "weak attempt" at providing an alternative to a pension.
Another pundit said: "The LISA's best bits should be adopted in pensions law and the LISA itself should then be abolished."
It comes as the Treasury Committee called upon the government to abolish the LISA just 16 months after it was first made available, after receiving persistently negative feedback on the product.
Just under a quarter agreed that the LISA should not be axed, with one person saying: "It's very useful for buying your first home and as a top-up for other retirement savings, specifically for the self-employed."
Another argued that it should relaunch and that its uses and benefits should be highlighted. "Young people who know about it actually like it."
Under a fifth (18%) were unsure if the LISA should be scrapped. One respondent cited that abolition after less than two years would be an embarrassing failure.
The majority (60%) of respondents did not think the government should introduce stepped automatic enrolment (AE) contributions based on an individual's annual income.
Of these, many respondents said it would add too much complexity. One argued: "Minimum employer contributions need to be increased to beyond parity with member contributions."
Another said it would create a larger gap in retirement income.
However, just over a third agreed that the government should introduce it. One person cited that anything that increases contributions into pensions is vital in order to "avoid a minefield of problems with ageing members unable to afford to retire but unable to continue in their jobs based on age/health".
Another commented: "We need to make sure people save enough for the future and they need a bit of persuading to believe that it is the right thing to do."
Just 6% were unsure.
This week, a Pensions Buzz peer wanted to know if there should be a maximum age that someone can act as a trustee, and if so, what age that should be. Just over three quarters of respondents said there should be no age restriction.
Of these, one respondent said: "Age does not dictate an individual's mental capacity. There are people around who are over 100 and are as bright as a button and the converse is equally true that there are people at age 50 who are physically fit but mentally unable to cope with the complexities of life."
Just under one in 10 said trustees should be no older than 70 years old, while the same number said trustees should be no older than 75.
Some 4% said trustees should be no older than 80. However, one said it would be very difficult to set an age as it will depend upon an individual's mental faculties remaining intact.
Just 2% said the maximum age that someone can act as a trustee should be 65.
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An amendment to the Pensions Schemes Bill which would have seen people given a pre-booked Pension Wise appointment ahead of accessing their retirement savings has been defeated.
A proposal to ensure savers receive a Pension Wise appointment prior to accessing their retirement pot has received cross-party support in parliament, while Labour seeks net-zero pensions by 2050.
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