Corporate Adviser
  • Content Hubs
  • Magazine
  • Alerts
  • Events
  • Video
    • Master Trust Conference 2024 videos
  • Research & Guides
  • About
  • Contact
  • Home
  • News
  • In Depth
  • Profile
  • Pensions
    • Auto-enrolment
    • DB
    • DC
    • Defaults
    • Investment
    • Master Trusts
    • Sipps & SSAS
    • Taxation
  • Group Risk
    • Group Life
    • Group IP
    • Group CIC
    • Mental Health
    • Rehab
    • Wellbeing
  • Healthcare
    • Musculoskeletal
    • Mental Health
    • IPT
    • Wellbeing
    • Trusts
    • Cash Plans
  • Wellbeing
    • Mental Health
    • Health & Wellbeing
    • Financial resilience
  • ESG
No Result
View All Result
Corporate Adviser
No Result
View All Result

PMI slams ‘wrong consultation at wrong time’ pot for life plan

by Muna Abdi
January 19, 2024
Share on FacebookShare on TwitterShare on LinkedInShare on Pinterest

PMI has expressed concern that the current consultation on changes to the UK pension system is untimely and not well-considered.

It highlights the significance of well-considered adjustments based on outcomes and system efficiency, even though it generally favours reforms to improve member outcomes and system efficiency.

In addition to urging the government to be more transparent about its goals and strategies, PMI suggests that extensive planning be done before making major changes, including the proposed Lifetime Provider system.

PMI policy and public affairs committee chair and PMI advisory council member Tim Box says: “We are concerned that this is the wrong consultation at the wrong time. While we generally support consideration of changes to the UK pension system that improve member outcomes and the overall efficiency and functioning of the system, we believe that any changes as fundamental as these need to be properly thought through, based on evidence and the development of consensus. 

“The Government needs to explain more fully what it is trying to achieve and provide more detail about how it intends to do this.  There may be some merit in considering how a Lifetime Provider system could help connect people with their pensions and provide better outcomes but there are many policy initiatives already in various stages of development which could also achieve these goals. 

“We urge the Government to spend the time building the evidence base that Lifetime Providers will improve retirement outcomes for the majority of members and gain consensus about this before jumping into wholesale change of the pensions system.”

 

VIDEO FROM ROYAL LONDON


Find out more about how to support the switching of a workplace pension

Corporate Adviser Special Report

REQUEST YOUR COPY

Most Popular

  • Govt sets out roadmap for blockbuster pension reforms

  • Standard Life launches financial coaching platform for families

  • TPT launches managed retirement income for life offering

  • Govt Spending Review: industry reaction

  • Capital Cranfield appoints LGIM DB head as trustee

  • Underestimating life expectancy leading to £35,000 shortfall in pension planning: BW

Corporate Adviser

© 2017-2024 Definite Article Media Limited. Design by 71 Media Limited.

  • About
  • Advertise
  • Privacy policy
  • T&Cs
  • Contact

Follow Us

X
No Result
View All Result
  • Home
  • News
  • In Depth
  • Profile
  • Pensions
    • Auto-enrolment
    • DB
    • DC
    • Defaults
    • Investment
    • Master Trusts
    • Sipps & SSAS
    • Taxation
  • Group Risk
    • Group Life
    • Group IP
    • Group CIC
    • Mental Health
    • Rehab
    • Wellbeing
  • Healthcare
    • Musculoskeletal
    • Mental Health
    • IPT
    • Wellbeing
    • Trusts
    • Cash Plans
  • Wellbeing
    • Mental Health
    • Health & Wellbeing
    • Financial resilience
  • ESG

No Result
View All Result
  • Home
  • News
  • In Depth
  • Profile
  • Pensions
    • Auto-enrolment
    • DB
    • DC
    • Defaults
    • Investment
    • Master Trusts
    • Sipps & SSAS
    • Taxation
  • Group Risk
    • Group Life
    • Group IP
    • Group CIC
    • Mental Health
    • Rehab
    • Wellbeing
  • Healthcare
    • Musculoskeletal
    • Mental Health
    • IPT
    • Wellbeing
    • Trusts
    • Cash Plans
  • Wellbeing
    • Mental Health
    • Health & Wellbeing
    • Financial resilience
  • ESG

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.