Pension System Reforms
The Department for Work and Pensions (DWP), The Financial Conduct Authority (FCA), and The Pensions Regulator (TPR) are collaborating to create a pensions system that works for savers.
At the Pensions UK's annual conference, delegates were assured by TPR, FCA, and DWP that they would strive to give the industry certainty in a time of change.
Key Statements
- Charlotte Clark, FCA director, emphasized the need for industry certainty.
- Kerstin Parker, DWP director, and Nausicaa Delfas, TPR chief executive, warned of radical changes due to incoming pensions legislation.
The pension system currently is unfinished. We’ve managed with automatic enrolment to create a nation of savers, but we know that they’re not saving enough, and that at retirement, it’s not clear what they should do. - Nausicaa Delfas
Author's summary: Regulators team up to reform the pension system.