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Pensions

Answer

The burden of administration for the pensions industry will be reviewed as part of the Department's response to the Red Tape Challenge.The Red Tape Challenge (RTC) is a cross government initiative, led by Cabinet Office, which seeks to review all Government legislation, with an emphasis on those statutory instruments which affect business. The aim of the RTC is to revoke or simplify as much legislation as possible to ease burdens on employers and business.Pensions will be highlighted as a main theme on the RTC website in spring for three weeks. This 'Spotlight' period will encourage members of the public to reflect on pensions regulations and provide a focus for the pensions part of the RTC generally.The Department views this as a real opportunity to look objectively at pensions policy and go back to first principles to consider whether the legislation as it stands reflects the Department's priorities, is generally fit for purpose and does not place undue burdens on the pensions industry. We are in the early stages of this process.We will be looking to work closely with stakeholders on the RTC throughout this process—beginning in the new year. There will be extensive scope for all interested parties to offer their views on how pension legislation can be simplified and what can be removed.In addition, we are also reviewing the legislation which requires pension schemes to disclose information to their members (and others—beneficiaries, for example). Our aim is to consolidate, clarify and, where possible, harmonise the requirements for occupational and personal pension schemes. We are also deleting some requirements and enabling schemes to disclose more information electronically. We intend to consult on draft regulations and introduce the updated legislation during 2012; early discussions with stakeholders indicate that they support the proposals.

Secondary information

Type

Written question

Reference

87666; 537 c1092-3W

Session

2010-12

Subjects

Pensions Regulation

Link

View this Written question on www.publications.parliament.uk