The Government is consulting with the pensions industry in reviewing the pensions sharing legislation.
The Government in its response to the consultation on the deregulatory review of private pensions stated that it would:
- abolish the requirement relating to safeguarded rights (amending legislation is included in the current Pensions Bill);
- look at aligning the rules for the payment of the pension credit benefit with rules which apply to private occupational pensions (the Government issued draft legislation for consultation); and
- look at other aspects of pension sharing legislation with stakeholders. The Government is now consulting with the pensions industry to review the third commitment to see if there are any aspects that place significant and/or unnecessary burdens on occupational or personal pension schemes that the Government should consider removing or reducing.
The consultation period closes on 29 August 2008.