The NAPF has attacked the DWP for the haste with which it is pursuing its consultation into workplace pensions, warning a rushed process will lead to unintended consequences.
In a statement that backs the Regulatory Policy Committee’s concerns over the timetable of the implementation of a charge cap, the trade body warned that the DWP’s timetable for implementation by April 2014 is too tight.
Yesterday the RPC, the independent body that validated impacts on business of government departments’ regulatory and deregulatory proposals, found that the DWP’s impact assessment is not fit for purpose.
NAPF head of policy Helen Forrest says: “The NAPF wants to see pension schemes that offer quality and value for money to scheme members and we welcomed the Government’s consultation. However, the RPC’s finding is not altogether unexpected given the compressed consultation period on this important issue. On behalf of our members, and the 16 million people to whom they will provide retirement income, we have consistently counseled the Government not to rush the consultation.
“Despite the RPC’s opinion, the DWP still intends this legislation to take effect from April 2014, leaving no opportunity to lessen the breakneck pace at which this consultation and the subsequent legislation are being pursued.
“We want to see effective and thoughtful reform introduced without delay but rushed legislation is almost certain to provide unexpected, and unwelcome, consequences.”