Jurisdiction(s):
United Kingdom

Balancing two masters: UK pensions under Emma Reynolds’ dual DWP–Treasury role, automatic enrolment, tax relief, FCA/TPR oversight split and the productive investment agenda

Published on: 25 July 2024

Published by a Law360 reporter

Legal News

Article summary

The Labour government’s move to appoint Emma Reynolds as a minister straddling two Whitehall departments—the Department for Work and Pensions (DWP) and HM Treasury—marks a break with tradition, as pensions policy has historically sat within the DWP. Even so, the Treasury still oversees trust-based pension schemes via the Financial Conduct Authority (FCA) and continues to steer pensions taxation policy. Alex Anslow, associate director at Sackers, noted: “To my knowledge, this is the first formal post spanning both departments,” adding that it is “a welcome step towards a joined-up approach, given how inherently fragmented the pensions regulatory framework is.” The arrangement aims to better align oversight and policy levers across government.

Tug Of War

A century ago, pensions were chiefly shaped by tax policy under the Treasury’s remit. During the 1960s and 70s, they were re-cast as social policy and moved to the DWP, where responsibility for retirement saving has remained. Over the last twenty years, however, the Treasury has asserted a stronger hand in pensions policy, perhaps concluding the sector is too economically significant to be left solely to the DWP. It reflects a desire to coordinate regulation and taxation within this field across the two departments effectively.

Pensions tax...

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