Bob Scott Senior Partner at LCP, said: “The new minister will have a lot to get to grips with. There are urgent priorities such as ensuring that new scheme funding regulations are fit for purpose in a post pandemic world and against a gloomy economic backdrop. Auto-enrolment reform to make sure that people are saving enough has also long been awaited, and the recent 10 year anniversary makes it a good time to review what the next steps should be.
“There is also good work that needs to be continued. Her predecessor Guy Opperman made good strides around extending CDC’s, putting ESG issues firmly on pension scheme agendas and getting lift off for dashboards. These are all issues that the industry still needs help to navigate and complete.”
Patrick Bloomfield, Partner & Senior Actuary, Hymans Robertson says: “Now that we learn that Laura Trott has been appointed as the Minister of Pensions and Growth, under Rishi Sunak’s new government, we look forward to working with her in this new role. She enters this post a little over a week before the latest fiscal statement and faces immediate challenges on balancing the current cost of living crisis with adequate savings, benefit security and supporting business facing an increasingly tough economic climate.
“We urge the incoming Pensions Minister to listen to industry concerns about implementation of existing policies. There is widespread support for current policy objectives on climate change, Triple Lock, Pension Dashboards, the DB Funding Code, Automatic Enrolment and Collective Defined Contributions. But we’ve all witnessed the impact that poorly thought through Government fiscal policy can have on the pensions industry. We urge the new Minister and her team at the DWP to take their time and entrain regulations that will deliver what the UK really needs to save for later-life over the long-term, and help close the UK’s gender and ethnicity pensions gaps.
“Present press speculation around tax allowances for pensions are particularly concerning. We hope the new Minister can put the case at Parliament for how penny-pinching in pensions to fill a hole in Government finances today, will heap even more misery on younger generations when the time comes for retirement.”
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