Pension System Reforms
The Department for Work and Pensions (DWP), The Financial Conduct Authority (FCA), and The Pensions Regulator (TPR) are collaborating to create a functional pension system.
At the Pensions UK conference, representatives from TPR, FCA, and DWP, including Charlotte Clark, Kerstin Parker, and Nausicaa Delfas, assured delegates of their efforts to provide industry certainty during a time of change.
The pension system currently is unfinished. We’ve managed with automatic enrolment to create a nation of savers, but we know that they’re not saving enough, and that at retirement, it’s not clear what they should do.
Regulators warn that incoming pensions legislation will bring radical changes, and the industry must prepare accordingly.
Author's summary: Regulators collaborate on pension reforms.