PLSA outlines policy priorities for 2022

The Pensions and Lifetime Savings Association (PLSA) has outlined its policy priorities for 2022, with pension adequacy its top strategic policy objective this year.

Its work on advocating for a policy regime under which most people would be likely to have an adequate income in retirement will have a specific focus on expanding the scope and level of automatic enrolment.

The PLSA announced that it will be producing a report on pension adequacy and the reform of auto-enrolment later this year.

It will also be campaigning for the government to follow through on its commitments on expanding auto-enrolment by the mid-2020s and set a timeline for the reforms.

Alongside its top priority of pension adequacy, the PLSA Policy Board, which has responsibility for setting the policy agenda and positions, outlined its top five regulatory policy areas of focus.

Firstly, the PLSA will look to support the industry in preparing for pensions dashboards and articulate industry needs to regulatory bodies, related government-sponsored organisations and other stakeholders.

The Pensions Regulator’s defined benefit (DB) Funding Code is also on the association’s list of regulatory policy areas of focus, alongside responsible investment and stewardship.

The PLSA said it plans to continue to produce guidance and support to schemes on responsible investment and stewardship issues.

It will also complete and publish its research into the challenges facing the Local Government Pension Scheme (LGPS) this year and propose follow-up action.

Finally, defined contribution (DC) decumulation will be an area of focus for the PLSA in 2022, with the association planning to campaign for the adoption of its Guided Retirement Income Choices proposals.

Commenting on the policy priorities, PLSA Policy Board chair, John Chilman, said: “Through drawing on the wide expertise and insights of Policy Board members, we have developed an ambitious and broad work programme for 2022, which aims to meet the needs of our diverse pension scheme members, across the defined benefit, defined contribution, master trust and LGPS landscapes.”

PLSA director of policy and advocacy, Nigel Peaple, added: “This year we expect government and parliament to be undertaking some longer term thinking on automatic enrolment and the right regime for pensions. We will be making the case that pensions can play a key role in their levelling up agenda.

“As with last year, we expect a wave of further regulatory initiatives, not least on DB funding, pensions dashboards, and TCFD reporting.”

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