Roadmap for Pension Reform
We got to see the long-awaited Government proposals for Pension reform, which was published by the Minister on 28th February 2018.
Not many surprises, with measures announced to reform the state pension, introduce auto-enrolment and improve the governance and regulation of pension plans, in line with the forthcoming European Directive IORPS II.
The reform proposals recognise the complexity of the existing system by dividing the process into 6 separate strands dealing with different aspects of the pensions landscape. Strands 2 and 3 deal with auto-enrolment and greater governance for pension trustees. Within these two strands, we see some ambitious aspirations, including the rationalising of pension products, and review of tax reliefs.