Edged out: Pension policy now firmly in Treasury's grip

Steve Webb assesses the power shift

clock • 3 min read

Has anyone (apart from avid Westminster watchers) spotted the transfer of pension policy power from the DWP to the Treasury? Steve Webb explains why it represents an important shift

In the recent past, lead responsibility for pensions policy has been split between two government departments - HM Treasury and the Department for Work and Pensions (DWP). The Treasury led on things like tax relief and personal pension saving, while DWP was focused on the state pension and on occupational pensions. Each department had a corresponding regulator - the Financial Conduct Authority (FCA) dealing with things like financial advice and the sale of individual savings products, and The Pensions Regulator (TPR) overseeing trust-based occupational pensions and the implementation ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

'Understandable' people are pensions dashboard 'sceptics'

'Understandable' people are pensions dashboard 'sceptics'

Industry experts say there will always be a role for dashboards

Holly Roach
clock 03 May 2024 • 1 min read
Big difference: Ways to tackle the growing pensions gender gap

Big difference: Ways to tackle the growing pensions gender gap

'Of course, for single women, the pension gender gap absolutely matters'

Lisa Webster
clock 03 May 2024 • 3 min read
Boring Money and Wealth Wizards link to plug advice gap

Boring Money and Wealth Wizards link to plug advice gap

Strategic partnership to improve access to financial advice

Jenna Brown
clock 01 May 2024 • 2 min read