RSM UK calls for cross-party coordination of pensions reforms

As Parliament heads into summer recess with the new Pensions General Code delayed until Autumn, despite initial drafts being completed over two years ago in March 2021, RSM UK is calling for in-party and cross-party coordination on pension reforms.

Ian Bell, head of pensions, RSM UK, said: ‘The Chancellor’s recent Mansion House speech brought yet more proposals for pensions reform. While improvements to the industry are of course welcome, the continuing delay and uncertainty is frustrating. We are still awaiting the finalisation of the new General Code, while the launch of the new Funding Code and the Pensions Dashboard have already been delayed. We would very much like to see some clarity to help the industry bring some of these initiatives into fruition before announcing yet more consultations and potential changes. As the parliamentary summer recess begins, the earliest we will hear anything will be Autumn, and at that stage, with party conference season and a general election looming, where will pensions feature on the parliamentary to-do list? It has been called for before, but now more than ever a cross-party consensus would be welcome to ensure the industry is well positioned for the long term, in the best interests of trustees and pension scheme members.’