Red Tape Challenge – Pensions update

Following my Westminster Hall debate on the transparency of pension charges, I recently asked the Pensions Minister, Steve Webb, what his department is doing to alleviate bureaucracy in the pensions industry.

The Government’s Red Tape Challenge aims to simplify as much legislation as possible to ease the burden on employers and businesses – with a spotlight on pensions. It encourages members of the public to look at the myriad of regulations and suggests those they think should be axed. It will look into whether the pension system is fit for purpose and does not place undue burdens on the pension industry. With the introduction of auto-enrolment pension schemes from October 2012, the Department for Work and Pensions sees this as a real opportunity to streamline the rules and regulations so that the whole system is easier for people to understand.

You can have your say by looking at the list of regulations on the Red Tape Challenge website and giving your views direct to ministers. I am passionate in reducing regulation, particularly surrounding pension schemes and look forward to reading the responses to this consultation.

16th Janaury 2012