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UK pensions update: government review and Pension Schemes Bill; eased FRC stewardship reporting; TPR–ITV Box Clever settlement; gateway tests urged for PPF public consolidator

Published on: 25 July 2024

Published by a LexisNexis Pensions expert
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  • Funding and investment
  • Pensions Regulator
  • Types of pension scheme
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Funding and investment

Government launches promised pensions review as part of its economic growth mission

On 20 July 2024, the Chancellor of the Exchequer, Rachel Reeves, confirmed the start of the official pensions review, fulfilling Labour’s pre-election manifesto commitment. This review sits within the new administration’s drive to ‘boost growth and make every part of Britain better off’. It will prioritise channelling more investment, growing savers’ pension pots, and cutting waste across the pensions framework. Ministers contend that redirecting defined contribution schemes could unlock £8 billion of fresh productive capital for the UK economy, while raising individual pension pots by more than £11,000. The £360 billion Local Government Pension Scheme—hailed as ‘an engine for UK growth’—is likewise in scope, as the government explores how to release its investment capacity and address its £2 billion outlay on fees and charges. It will look particularly at defined contribution arrangements and the Local Government Pension Scheme to maximise productive investment while driving down excessive fees and costs too...

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