The Association of Consulting Actuaries (ACA) has called for five key policy measures to be included in the upcoming pensions bill.
Its proposals for the bill - which pensions and financial inclusion minister Guy Opperman last week confirmed was "sat on my desk" and "completely ready to go" - include implementation of legal changes allowing defined benefits (DBs) to be simplified, implementation of rules to allow for the launch of the pensions dashboard, implementation of increases in auto-enrolment (AE) minimum contributions, implementation of a collective defined contribution (CDC) pension scheme regime, and enabling progress with a DB scheme funding code.
A survey conducted by the ACA revealed 78% of employers support a new DB scheme funding code, while 76% support schemes being required to provide data to the pensions dashboard.
It also revealed that, while some employers were supportive of AE minimum contributions rising to 10%, smaller employers were mainly opposed to moving beyond current requirements.
Just 13% of respondents were against making CDC an option for employers, while more than half (55%) said DB consolidation decisions were more likely if schemes were able to make legal changes allowing benefits to be simplified.
This follows Opperman's speech last week during a fringe event at the Conservative Party Conference in Manchester where he revealed the pensions bill is ready and just awaiting a Queen's Speech to pass it through the Houses of Parliament.
ACA chairwoman Jenny Condron said: "It seems increasingly likely a pensions bill will not progress through parliament until after a general election and whatever is currently well-progressed in a draft bill may then be the subject of a re-think.
"While we believe it may be unwise to rush out a bill in mid or late October if we are to see an election in late November, it would also be wrong for many of these well-developed draft policies to fall by the wayside."
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