Contrasting approaches

The general election produced a hung Parliament, with the prospect of politicians having to work together despite contrasting policies. Pensions, too, can be described as an arena of contrasting approaches to the challenges faced.

In the last few months, the Pensions Regulator has, by turns, shown its willingness to demonstrate greater toughness alongside its desire to be a more helpful regulator.The Department for Work and Pensions (DWP) has engaged in efforts to take further (albeit limited) steps on the road to simplification, while simultaneously adding another layer to the already complicated debt on employer laws and telling schemes to do the impossible (also known as Guaranteed Minimum Pension (GMP) equalisation). Much work continues to be done on National Employment Savings Trust (NEST) (the new name for personal accounts) and in relation to the Pension Protection Fund (PPF). Meanwhile, HM Revenue and Customs has been juggling tidying up various bits and pieces with the rather more complex developments concerning the rise in normal minimum pension age as well as the tax relief restrictions for high earners. In addition to all this, pensions case law has been grappling with some big questions. Does the pensions landscape look more stable than Parliament?

Wragge & Co's pensions experts take a look at what's happened so far this year.