Pension System Reforms
Regulators are teaming up to reform the pension system, aiming to create a system that works for savers.
The Department for Work and Pensions (DWP), the Financial Conduct Authority (FCA), and the Pensions Regulator (TPR) are collaborating to provide certainty to the industry amidst changes.
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.
Key regulators, including Charlotte Clark (FCA), Kerstin Parker (DWP), and Nausicaa Delfas (TPR), emphasized the need for the industry to prepare for radical changes resulting from incoming pensions legislation.
Author's summary: Regulators unite to reform pension system.
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