Partner Jane Kola comments in Pensions Expert’s survey in relation to reforming the pensions law landscape and regulation
In an exclusive survey carried out by Pensions Expert, it was reported that there are more than 1,000 pension lawyers in the UK, with such high numbers speaking volumes about the burden of convoluted regulation, impenetrable legislation and unworkable tax law as legal practitioners call for change.
Reform of pensions tax, Byzantine guaranteed minimum pensions, onerous employer debt, legislation and clarity on electronic deeds are long overdue according to the research of 11 leading pension law firms.
Pensions lawyers consider that pensions legislation can be overly complex and littered with ambiguity. Amongst others, Arc Pensions Law represented by Partner Jane Kola joined the list of lawyers who wish and request regulation changes.
“Law on what happens to a scheme whose sponsor becomes insolvent but is too well funded to go into the Pension Protection Fund is not fit for purpose and could do with being revamped”.
On the defined contribution side, Jane commented:
“More work is needed to remove unnecessary regulatory burdens that can hinder member outcomes, such as unintended defaults, the chair’s statement regime and legal obstacles to transfers to master trusts.”
Read Jane’s comments in Pensions Expert here.
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