The work and pensions secretary has called on employers to help the government cut the red tape surrounding pensions.
Speaking at the National Association of Pensions Funds annual conference in London today, John Hutton urged companies to tell the government what it could do to improve occupational pensions by reducing the regulatory burden.
He revealed that the government was forming a “simplification advisory group” with industry and trade bodies, to guide the reforms and make pensions less burdened with red tape.
“I want to make it clear today that this list is the minimum of what we are prepared to consider,” Hutton told delegates. “We want the deregulation agenda to be led by those of you out there who are actually involved at the sharp end of pension provision.”
The minister assured employers that the pensions reform would have a real impact on them.
“Our objective is not about merely re-writing legislation or tinkering around the edges, but a real drive to cut red tape and to make it easier for you to deliver workplace pensions,” he said.
“Ultimately, this is the way to strengthen existing provision and enable employers to continue to provide high quality schemes in a new and changing economic climate,” he added.