With the Government due to launch its ‘Red Tape Challenge’ spotlight on pensions in the spring the time is right for a more radical rethink that moves us away from today’s highly prescriptive approach to regulation and which helps to support and facilitate workplace pensions.

The NAPF believes there is significant scope to scale back the existing volume of regulation and legislation surrounding workplace pensions. The current raft of highly detailed, highly prescriptive legislation and regulation could be replaced with higher level regulations or codes that place more initiative and responsibility with the trustees and others charged with running the scheme. The appetite of the Coalition to cut back on ‘Red Tape’ gives us an opportunity to drive this agenda forward, but any representations we make need to be backed up by specific proposals, evidence of the benefits to schemes, and recognition of the potential risks.

In February 2012, the NAPF launched a Call for Evidence, which is now closed and which will serve as the basis for the NAPF’s response to the Red Tape Challenge the Government has set.

If you would like to get in touch to discuss anything around the Red Tape challenge, please contact us on better.regulation@napf.co.uk.