The SPP welcomes the proposed introduction of Authorised Member Surplus Payments (AMSPs) but is concerned that restricting payments to members who have reached normal minimum pension age (NMPA) could significantly limit the usefulness of the new provision and create unnecessary administrative and communications challenges.
The SPP supports the FCA's ambition to improve protections for SIPP members and strengthen confidence in the market. However, we emphasise the importance of the final framework remaining proportionate and targeted at areas of genuine risk.
The SPP welcomes the government’s ambition to harness scale for Defined Contribution (DC) pension schemes but our response to the DWP discussion paper on key elements of the Scale Policy, warns that an extended regulatory timeline risks creating paralysis in industry planning, stifling innovation, and compressing execution risk as the 2030 deadline approaches.
There are also various areas that require urgent regulatory clarity and greater flexibility, particularly regarding the definition of Common Investment Strategies (CIS) and the measurement of scheme scale.
Tags: 2030, Consolidation, DC, Defined Contribution, pension, Pension Schemes Act 2026, Pensions, Scale,
The SPP welcomes the DWP draft Regulations on surplus flexibilities for DB pension schemes as they provide an appropriate framework for well-funded schemes to release surplus while protecting members. However, we are calling for changes to make the regime more practical, particularly for schemes intending to remain on a long-term run-on basis. The proposed process is geared towards one-off payments and could make regular or phased distributions unnecessarily burdensome.
Tags: DB, DB Pensions, pension, Pensions, Surplus, Surplus Extraction, surplus release,
While supporting the fundamental objective of putting the General Levy on a sustainable footing and ensuring regulatory bodies are properly resourced, our consultation response urges the Government to provide a clear, evidence-based justification for these “disproportionate” rises.
Tags: General Levy, pension, Pension Schemes, Pensions, Pensions Industry, Review,
This SPP paper highlights a critical structural mismatch in the UK economy - UK retirees currently hold an estimated £3.84 trillion in housing wealth, yet face an aggregate annual retirement income deficit exceeding £48 billion.
Fragmented advice, separate regulatory regimes, and tax barriers like stamp duty prevent people from making holistic decisions about their wealth.
Tags: Housing, Investments, Pensions, Property, retirement, Savings, Wealth,