Outlining a number of measures aimed at supporting workplace pension provision, the government proposed the introduction of a “limited statutory override” to enable schemes to move towards the latest legislation.

Additionally, a reduction in the cap for revaluation of deferred rights for “future accruals only” is planned, while measures to introduce principles-based regulation were also suggested.

Joanne Segars, chief executive of the NAPF, said: “Our members tell us that deregulation is the key to sustaining good workplace pensions.

“The Government’s package sends a clear signal that it supports good provision and that it is keen to reduce the regulatory burden.”

Claiming that defined benefit pension schemes are an “important part” of retirement planning, Ms Segars called on the government’s deregulatory review to help reduce the burden faced by those offering pension schemes.

In related news, the NAPF recently welcomed the pensions bill announced in this year’s pre-Budget report, suggesting that it would help sustain occupational pensions.

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