Government consults over pensions simplification

Last month the pensions minister Ian McCartney issued a consultation paper on simplifying the various regulations that apply to private pensions.

McCartney said "The private pensions sector is just as important as the state sector, and we are committed to encouraging take-up of occupational and other private pension provision. That means making sure complexity and costs are kept to a minimum, whilst also ensuring that pension scheme members are properly protected."

The short consultation document asks for comments on duplicated or unnecessary regulation in areas like contracting-out, transfers and preservation, disclosure of information and rules relating to scheme administration.

The review team have to have comments in by the end of January 2002 in order to produce its report to the government by July next year.

Copies of the consultation document are on the Department of Work and Pensions website at www.dwp.gov.uk - the public enquiries telephone number is 020 7712 2171.