DWP pension roadmap needs regulation and cross-party backing
Commenting on the DWP’s updated roadmap for workplace pensions, Elisabeth Storey, Head of Pensions at RSM UK said: “While it’s great to see the updated roadmap, this plan is hugely ambitious, with many elements planned for delivery within the next year. This puts further pressure on an already stretched pensions industry.
“The interplay between various aspects of it, and the different regulatory regimes involved, means that any missed deadlines could have knock on effects on other parts of the plan. With a change of prime minister and subsequent cabinet reshuffle ahead, it’s not clear who is going to drive this plan to fruition when it meets a block from one of the regulators or various departments involved.
“This plan also extends beyond the end of this parliament, which means there is a risk of starting a journey that may not get finished without cross-party parliamentary acceptance and agreement. Consideration should also be given to how the industry should be best regulated in future, which could then reduce the likelihood of issues arising that could hinder implementation of this plan.”