A simpler way to better pensions - an independent report (Paperback)

This independent report makes a total of 52 recommendations on private and personal pension provision. Alan Pickering proposes that the Government should introduce a new Pensions Act, which would change or scrap existing legislation. One of the proposals is the establishment of a pensions regulator, who can also act in an advisory capacity. The pensions system should be simpler to understand, and more leeway should be given to pension professionals in exercising their judgment. To support the pensions system, a number of codes of practice should be put in place, backed by the Government, the new regulator and the pensions professionals. Certain regulations that apply to employers should be lifted, and also employers should make membership of their pension scheme a condition of employment. Other proposals include a reduction of the number of generic pension products to just three. The report also puts forward the view that employees should take more responsibility for their retirement plans and that a simpler more accessible pension system would enhance this.