Jurisdiction(s):
United Kingdom

UK pensions reforms face growing industry scepticism: PMI highlights resource strain, weak confidence in Mansion House, and doubts over pot-for-life, dashboards and cross-party support

Published on: 03 May 2024

Published by a Law360 reporter

Legal News

Article summary

The Pensions Management Institute (PMI)

PMI reported that 66% of the 119 specialists it polled judged pensions policy unsatisfactory over the past six months, an increase on the 61% reporting the same in 2023. The institute also noted that, in April, 76% of respondents were downbeat about the overall policy direction. Robert Wakefield, the PMI’s president, warned that a raft of overlapping and onerous proposals is stretching industry resources. He said sweeping regulatory changes have left many exasperated by the absence of a clear direction for pensions policy, and that many feel frustrated. According to Wakefield, the sheer volume of initiatives gives the impression that the government is tossing out ideas in the hope a few succeed, yet without a long-term programme shaped with industry backing...

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