What pension trustees want to see prioritised the most by the new Government when it comes to pension legislation:
• 42% of Defined Benefit pension trustees think the Government needs to decide whether to provide additional support to those not able to work up to an increased state pension age, and how any such support should be targeted
• 38% believe the Government needs to encourage surplus creation instead of buyout as a long term target in their Occupational Pension Schemes regulations
• 34% believe the Government needs to decide whether to go ahead with legislated increases in minimum pension contributions
• 31% think the mansion house reforms should be a priority to promote investment into British firms or capital
• 30% said a long-term plan is needed for the level of the state pension
• 25% think the Government should target a long-term policy solution to support pension saving among the self-employed
• Only 23% think the Government should focus on encouraging the consolidation of small DB pots - though this rises the more small pots a trustee looks after
Barnaby Low, Senior Portfolio Manager, Charles Stanley Fiduciary Management comments: “Trustees remain focussed on ensuring positive outcomes for all pensioners, and have highlighted several areas where government action is needed. As bond yields have risen and equity markets continue to rally, funding levels have improved significantly for many schemes in recent years. With buy-out capacity constrained, many trustees and sponsors are considering running their schemes in order to generate or grow a surplus, and are looking for regulatory clarity. It is an exciting time for the industry as providers develop innovative solutions.”
|
