People who have decided not to pay into a private pension for their retirement are being strongly en...
People who have decided not to pay into a private pension for their retirement are being strongly encouraged, alongside industry officials and representatives, to respond to the Pickering review of the private pensions legislation consultation document published by the Department for Work and Pensions on Friday.
Ian McCartney MP, minister for Work and Pensions, released the four-page document - entitled Simply Protecting Pensions - by stressing the government is keen to see the public and private sectors working together to help people build decent pensions.
"The private sector is just as important as the state sector, and we are committed to encouraging take-up of occupational and other private pension provision. That means, making sure complexity and costs are kept to a minimum, while also ensuring that pension scheme members are properly protected."
Within the introduction to the four-page consultation document - which commentators have until January 31, 2002 to respond to - Alan Pickering also says: "We would like to think that we have taken account of the views of everyone with an interest in private pension schemes. This includes who are already drawing a pension, those who are accumulating pension entitlement and, most interestingly of all, those who have decided not to avail themselves of any form of private pension provision."
While comments about all aspects of private pensions are welcomed, Pickering asks, in particular, that industry responses also address several key questions:
· What areas of regulation do [people] regard as unnecessary, and why?
· Where do [people] think there is duplication?
· Which regulations are over-prescriptive?
· What elements of regulation are inappropriately time-consuming?
· What elements are particularly and unnecessarily expensive?
· Are there consumer interests that the current regulatory regime fails to address adequately, and if so, what are they?
· Which elements of the regulatory regime do schemes or employers, pension providers, consumers and others complain about most? In what sorts of numbers do these complaints arise?
· And, are there areas of the regulatory regime which bear over-heavily on very small schemes? What are they?
Click thru the right-hand link to see full details of Pickering's four-page consultation document into the private pensions review.
If you have any comments about this or any other issue, click thru on the right-hand of this page to email the editor.
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