The Government added 19 million more words of pension legislation and guidance under the premiership of Tony Blair.
In 1997, when Labour came into power, there was a total of 9,888 pages of pension information but by the time Blair stepped down in June, this figure had soared to 46,394meaning an additional 38,361 new pages have been produced during his 10-year tenure.
Pensions information database provider Pendragon says paper chase is down to the unprecedented increase in the number of acts, statutory instruments, regulatory documents, consultation papers and Government reports.
Managing director Simon Freeman says “The indications are certainly that the Brown Government is likely to generate a similarly prodigious amount of pension information for the industry to digest.”
Hargreaves Lansdown head of pensions research Tom McPhail says: “It is good to see the Government putting so much effort into pension simplification.”
Scottish Life head of communications Alasdair Buchanan says: “I don’t think this will come as much of a surprise to those of us exposed to this glut of pension reform and counter-reform.”