Pension System Reforms
Regulators are teaming up to reform the pension system. The Department for Work and Pensions (DWP), the Financial Conduct Authority (FCA), and the Pensions Regulator (TPR) are working together to create a system that works for savers.
At the Pensions UK annual conference, delegates were assured that the regulators would strive to provide certainty in a time of change. Charlotte Clark, Kerstin Parker, and Nausicaa Delfas warned that radical changes from incoming legislation require the industry to prepare now.
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.
Author's summary: Regulators collaborate on pension reforms.