ACA issues letter to ministers on taking a holistic approach to pensions legislation

Article summary

The Association of Consulting Actuaries (ACA) has issued a letter to the Pensions Minister and the Economic Secretary following the announcement of a Pensions Bill at the State Opening of Parliament on 17 July 2024. The letter urges the ministers to consult with the pensions industry and take a holistic approach towards pensions legislation, especially given the link between pensions and the financial policies and taxation approaches pursued by the government. The ACA also urges the new government to progress existing pensions policies, including outstanding regulatory issues with the abolition of the lifetime allowance, expanding coverage of collective defined contribution schemes, completing the value for money framework, and extending auto-enrolment coverage. The letter also notes that, while the introduction of the Pension Protection Fund as a public sector consolidator could be useful, the scope of any public sector consolidator should be strictly limited to those schemes that would be...