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 for savers.
At the Pensions UK annual conference, representatives from TPR, FCA, and DWP assured delegates that they would work together to provide certainty in 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.
Key regulators, including Charlotte Clark (FCA), Kerstin Parker (DWP), and Nausicaa Delfas (TPR), warned that the industry needs to prepare for radical changes resulting from incoming pensions legislation.
Author's summary: Regulators team up for pension reforms.
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