Documents

The Society of Pension Professionals (SPP) supports the Government’s efforts to legislate for the introduction of Collective Defined Contribution (CDC) legislation for multi-employer and master trust arrangements. However, we urge the Government to revisit a small number of areas that could be improved. For example, in relation to promotion and marketing activities; the potential to inadvertently transition between the connected and unconnected employer regimes; and the proposed constraints on changes in investment strategy, with the associated requirement to sectionalise.

The Society of Pension Professionals (SPP) response explains that the PPF continues to levy £100m annually from the pensions industry which it readily admits it does not expect to ever need given it has a multi-billion pound surplus. Existing legislation prevents any future increases beyond 25% but the levy could be immediately reduced to zero whilst legislative change is sought (either now or in the future).

The Society of Pension Professionals (SPP) supports many of the proposals being put forward within this consultation and the overarching objective of improving Value for Money but is concerned about the volume of data that the proposed framework will require providers to collect and communicate, which in some cases appears disproportionate. There are many improvements that could be made to these proposals, as we have sought to constructively explain in this response.