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Rooker bid to simplify contractingout rules

The Government has set out proposals aimed at simplifying the occupational and personal pensions contracting-out legislation in response to industry demands.

The DSS has drafted a package of regulations and a consultation paper to tackle some of the key criticism of the legislation.

It says the pension industry has campaigned for change because it feels the legislation is over-prescriptive and does not offer schemes enough flexibility.

The DSS says it specifically wants to deal with parts of legislation which lead to duplication under contracting-out and occupational scheme requirements.

Members of the industry and other interested bodies have been asked to comment on the consultation paper and draft regulations.

Pensions minister Jeff Rooker says: “We have listened to the pension industry, which has campaigned for simplification of this legislation. We are also acutely aware of the concerns of scheme members about the security of pension funds. Legislation covering contracting out is complex and in some areas duplicates provision covering occupational pensions in general.

“These proposals remove some of the administrative requirements and gives schemes flexibility without risking the security of members benefits. They are a part of our objective to simplify the regulation of occupational pension schemes and bring real cost savings to the schemes.”

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