Government should lighten the regulatory burden of pension schemes, says National Association of Pension Funds

09 July 2007
Regulation is top of the list of pension scheme concerns according to a survey carried out by the National Association of Pension Funds (NAPF).

The NAPF is the leading voice of workplace pension provision in the UK; there are currently around 10 million working people in NAPF Member schemes. The group and asked members to identify their top three pension scheme concerns, and almost two-thirds (63%) said the regulatory burden of their pension schemes was one of their top three concerns.

If concerns about EU legislation and restrictions on reforming benefits are added in, three-quarters of pension schemes said they were worried about regulatory issues.

The survey showed that second highest concern for the respondents was longevity - 59% of people listed this as one of their top three concerns, and the other main issue was deficits – 48% said that they worry about shortfall.

In response to the findings, NAPF Chief Executive Joanne Segars said: “Peter Hain will find deregulation at the top of his in-tray when he takes over at the DWP.

“The clear message from pension schemes is that they want to see a concerted effort to lighten the regulatory burden.

“The DWP has sounded serious about cutting through red tape so employers find it easier to provide good occupational pensions at a reasonable cost and pension schemes will want to see this momentum maintained under the new Secretary of State.”

Ms Segars says that Mr Hain receive the recommendations of the independent de-regulatory reviewers soon and hopes he use the information to bring forward some serious proposals to help support scheme sponsors.

“By taking forward the deregulatory agenda, Peter Hain has an early opportunity to demonstrate that he will be good news for workplace pensions,” she said.

Get more information about getting a Pension