14 December 2006 - Deregulatory review: external reviewers announced
Two external reviewers have been appointed to drive forward a shake-up of pensions regulation with the goal of cutting cost and red-tape for employers.
They are Ed Sweeney, joint deputy general secretary of Amicus, and Chris Lewin, former head of UK pensions at Unilever plc.
The Government is determined to support existing high quality pension provision, and announced the deregulatory review earlier this year. The review will look at ways of lightening regulation and reducing the burden on employers who provide good workplace schemes.
Mr Sweeney and Mr Lewin will set the direction of the review. They will work with the already established external advisory group to identify potential areas for change and to develop proposals, based upon robust analysis. The advisory group includes representatives of business, pensions industry, and unions.
Minister for Pensions Reform James Purnell said:
“This review is a real opportunity to cut excess red tape around private pensions, and reduce the legislative burden on those employers who already offer their employees a good quality scheme and an employer contribution.
“It is crucial that this review seeks a consensus on the regulatory balance required between member protection and encouraging employer provision of pensions.
“The review will be a rolling review but the two external reviewers will work with the advisory group to produce an initial report by Spring 2007.”
Notes to Editors
- The deregulatory review was announced in the White Paper Security in retirement: towards a new pensions system. Copies are available at http://www.dwp.gov.uk/pensionsreform/
- The deregulatory review is included in the DWP’s Simplification Plan and will contribute to reducing the regulatory burden on business. Copies are available at http://www.dwp.gov.uk/aboutus/better_regulation/simplification_plan.pdf
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