SPC

The industry has supported Steve Webb's promotion of ‘defined aspiration' occupational pensions which encourage risk sharing, but warned the government will have to make significant legislative changes to make it work.

The industry breathed a collective sigh of relief after today's Budget, with no changes to higher-rate tax relief and announcements on state pension reform and infrastructure investment.

"Incessant speculation" over changes to the tax treatment of pensions has significantly undermined public trust, The Society of Pension Consultants warns.

The Treasury must create instruments focussed specifically on the needs of pension schemes if it is to persuade them to invest up to £50bn in infrastructure, argue industry figures.

It would be "misconceived" for the government to act to restrict short-termism in pension fund investing, warns the Society of Pensions Consultants.

The government should retain a fixed revaluation rate of 4% calculating guaranteed minimum pensions for early leavers, the Society of Pension Consultants recommends.

The industry must help come up with ideas to re-establish the balance of scheme risks borne by employers and employees, Society of Pension Consultants president Kevin LeGrand says.

Professional Pensions editor Jonathan Stapleton was awarded trade journalist of the year at the Society of Pension Consultants Journalist of the Year Award last night.

There will be a cultural shift as older workers retrain to remain in the workforce longer, Steve Webb says.