Rosalind Connor comments in Professional Pensions on the over-regulation of DB schemes
Rosalind Connor spoke on a panel of industry experts at Pensions and Benefits UK in London on 27th June to discuss the future of DB schemes. The panel said while the system is not perfect, many schemes continue to be well run and pay out benefits correctly despite the uncertainties of the past year – a hung parliament and Brexit. However, a couple of reforms were suggested such as slashing red tape.
Rosalind argued that over-regulation made life excessively difficult for trustees.
“I would like to see a vast amount of legislation being axed as we have 20 acts [on the statute books] with the word ‘pensions’ in the title and it is ridiculous. You do not solve problems by the over-regulation of trustees and there has been an awful lot of micro-management.
Rosalind added: “There is far too much crowd-following in the DB industry at the minute and we need scheme specific governance. I was disappointed the WPC did not look at how DB schemes are being regulated out of existence and it is a shame the discussion is not there.”
Read the full article in Professional Pensions here.
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