PLSA comments on budget statement

The PLSA has responded to today’s (29 October) Government budget statement made by the Chancellor of the Exchequer, Philip Hammond.

In the budget the Government outlined its plans for the Pensions Dashboard, pension fund investment in patient capital and a response to the ban on cold calling.

Nigel Peaple, Director of Policy and Research, PLSA, said:

“Pensions are a vital part of the UK economy. They are essential to individuals, who rely on the income they provide in retirement, and they underpin economic growth, through their investment in the UK.

Pensions Dashboard

“The Pensions Dashboard will be an essential tool to help savers plan their retirement income and we’re pleased that steps are being taken by the Government to support the project and the PLSA is eager to work with the industry to make a success of this project. “We welcome the Government’s announcement that the Dashboard will for the first time allow an individual to see their pension pots, including their State Pension, in one place.”

Patient Capital

“It’s essential that all types of pension schemes can access a wide range of investments to allow them to diversify in times of uncertainty and low interest rates. “We are pleased to have been part of the Government’s recent work on improving schemes’ access to more illiquid investment opportunities, for example through its Patient Capital and Social Impact Investment programmes. “We will continue to support this and other such work in the future. This will include our guidance for trustees on patient capital and illiquid investment which will be launched later this year.”

Cold calling

“The PLSA’s believes that the cold calling ban will be a useful step towards making life more difficult for pension scammers, but there is no 'silver bullet' solution. The ban does not address the central problem – that being a registered pension scheme is no proof of being a legitimate pension scheme, as opposed to a vehicle for scams. We need a much tougher approach to stop rogue firms from entering the market and to tackle those using existing schemes as a vehicle for their activities.

“The PLSA continues to propose a risk-based authorisation regime for pension schemes, with a light-touch approach for the smallest schemes.”

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