17 November 2005 - Employers will have key role in pension reform
Employers will have a central role in the long-term reform of the pension system said Minister for Pensions Reform, Stephen Timms, speaking at the NAPF Autumn Conference in London today.
While describing the impact of social and economic change on the design of welfare reform and pensions policies that are tailored to the changing needs of the individual, Mr Timms emphasised that this could never be allowed to detract from the paramount importance of employer-sponsored provision.
Stephen Timms said:
“Whether through supporting employees who choose to work longer; through a renewed welfare state that enables people to lift themselves out of dependency; or through contributing to and supporting employees in building their retirement savings - ultimately, the workplace holds the key to our response to the challenges of an ageing society.”
Mr Timms acknowledged that it was important that the balance was struck between regulation and protecting members’ right.
“A challenge we face as Government in supporting occupational pensions is to get the balance right between regulation and protection of members’ benefits.
“We determined to tackle this burden by removing unnecessary regulation and simplifying remaining regulatory burdens wherever possible, but we can not do this alone. We can only get this balance right with the help and support of yourselves and all our stakeholders. Through the Better Regulation Stakeholder Group and the Trustee panel we are continually seeking to review and reassess the balance between regulation and member protection. “
Notes to Editor
- Stephen Timms was speaking at the National Association of Pension Funds Annual Autumn Conference at the QEII Centre in London.
- The speech is available at: www.dwp.gov.uk/aboutus/2005/17-11-05.asp