DWP sets out objectives in four-year plan

DWP-Department-for-work-and-pensions-500x320.jpgThe Department for Work and Pensions has confirmed it will not change the pensions triple lock and will explore bolstering the powers of The Pensions Regulator in the forthcoming legislative period.

The DWP published its “single departmental plan” yesterday, which sets out five objectives it is working towards over the next four years.

It has pledged to “increase saving for, and financial security in, later life” with pensions minister Guy Opperman in charge of seeing this through.

Under that objective, the DWP says it will deliver a simplified state pension that “aids retirement planning”, protect low income pensioners, and get more people in workplace pension schemes.

It confirms there will be no change to the state pension triple lock and also says a pensions white paper will be published to “strengthen” the powers of The Pensions Regulator to protect private pension schemes.

Increase auto-enrolment to 12%, adviser trade body says

The Government is currently working on its proposals to increase the state pension age as well as extending auto-enrolment.

The department’s other objectives are making sure work “always pays” and people are supported to find work to help economic growth and productivity, to help reduce disadvantages faced by disabled people and people with health conditions through the welfare system and the labour market, to increase the number of children benefiting from child maintenance, and change how it delivers its services to reduce costs and improve quality.

Aegon pensions head Kate Smith says: “The DWP’s objective of helping more people into work goes hand-in-hand with its auto-enrolment policy. More people in employment means more people having access to a pension, and more importantly to an employer pension contribution. Increasing the scope of auto-enrolment to under 22s will also help. Rather than waiting until the mid-2020s to introduce this change, the DWP should be looking to implement it within four years.

Smith adds: “The latest defined benefit shocks, including the Carillion insolvency with its grossly underfunded DB scheme, demonstrates that The Pensions Regulator needs more powers to better protect members’ pensions. Hopefully the forthcoming defined benefit White Paper will tackle this. Another area worth exploring is how to give providers and schemes more powers to protect members against pension scams by allowing them to block suspicious transfers.”

Last week, Esther McVey was named secretary of state for work and pensions, replacing David Gauke, as part of an executive reshuffle by Prime Minister Theresa May.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Andy Robertson-Fox 19th January 2018 at 2:40 pm

    It is to be hoped that within this plan “to deliver a sımplified state pensıon that aids retirement planning” the Secretary of State for Works and Pensions brings an immediate abolition to Section 20 of the 2014 Pension Act and its forerunner which freezes the pensions of some 4% of all UK pensioners world wide. Not only is it proven to be to the UK’s economic advantage when retirees actually live abroad but the cost of implementing and administering this discriminative policy only exacerbates how illogical and irrational such a policy is.

  2. This pension freezing issue is so blatantly obvious and unnecessary that one wonders what went through the mind of Steve Webb when he placed it in the Pensions Bill before it became an Act. That he gets a knighthood is insulting and demeaning.
    Guy Opperman must now take the flack from pensioners and put his foot down to correct this obvious discrimination that has no place in any democracy.
    He must prove that he is a decent fair politician and that politicians will listen ?

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