UK Pensions Minister, Laura Trott, recently announced a revision of private pensions with the goal of creating fairer, better-run and more predictable pensions for the nation.
The measures planned include a consultation on the all-new Value for Money framework, reforms for the defined contribution scheme charge cap, additional work on small pension pots and the continuation of Collective Defined Contribution pension schemes. The plans are designed to help address the current pension inequality gap, which has spiked since Defined Contributions emerged following the decline of Defined Benefit.
Britain’s Minister for Pensions has unveiled the measures to provide greater value for savers while boosting fairness, adequacy and predictability across the UK’s private pensions sector. She commented:
“There is a pension inequality gap between those who had secure retirements thanks to DB, to much more uncertainty now. Since 2012, Automatic Enrolment has transformed the pensions landscape in the UK for the better, but we know there’s more to be done to ensure a fairer future for savers.”
The minister added that a pension scheme that is underperforming can result in a saver losing out on accruing thousands of pounds and that the new measures and the Value for Money framework will enhance security to create better returns, so UK savers can enjoy their retirement.
Britons who feel that the state pension will not give them the lifestyle and security they seek when they no longer work find private pensions a smart option. Specialists in retirement planning in Shropshire and Cheshire work to help savers through investment and tax-efficient strategies, ensuring their money works as hard as possible for them.
