There is a strong need to revive the pensions and investments space, Minister for Pensions and Financial Inclusion Guy Opperman has said.

Speaking at the Pensions and Lifetime Savings Association's Annual Conference, the Pensions Minister stated that savings, investments and pensions have "been in retreat" for "far too long", and so in the new role, he is looking to bring these to the forefront of the government's attention.

He explained his plans to ensure that the "equivalent protection" is achieved for members of master trusts as members of independent schemes. To do this the government will develop the secondary legislation needed for this reigime, with the intention of implementing it by October 2018.

Further on the defined contribution side, Opperman added "we need the schemes savers are saving into to be well-goverened, efficient and have transparent costs and charges.
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This, we hope, will give people confidence that their savings are secure and that they are getting a good deal, with each pound that they, the employer and the tax payer puts in, working as hard as possible."

In addition, Opperman highlighted that this year the government would examine whether the capital charges cap would be lowered and whether transaction costs should be covered and to increase the transparency for members.

Discussing plans for the pensions dashboard Opperman highlighted that an update will be delivered from the Department for Work and Pensions in Spring of next year, along with a feasibility study on the dashboard project that will also be led by the Department.

When asked by an audience member what the industry can do for him, Opperman focused on the need for firms and associations among other parties to "go to the government with solutions". Rather than coming to the government with problems, individual firms should look to solve problems and approach the governments with solutions that could lead to potential regulation change.

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