Move to reinvigorate occupational schemes
The Department for Work and Pensions is to hold a "red tape challenge" in a bid to deregulate and help reinvigorate occupational schemes. In a briefing last night, pensions minister Steve Webb said the first step in reinvigorating occupational pension provision was deregulation.
The minister said: "The presumption is that any piece of regulation or legislation about pensions will go unless we can justify its continued existence."
Mr Webb called on the industry to help identify areas of regulation.
"There are quite a few one can think of we should get rid of but we would welcome nominations of bits of pensions regulation that are counter-productive, do nothing or are burdensome."
He added: "This will be part of the mix of the reinvigoration of occupational pension provision."