The Pensions and Lifetime Savings Association (PLSA) will focus on well-run schemes, effective engagement, adequate contributions and consolidation over the next four years, it has revealed.

The industry body’s policy board said it agreed the four-year work plan, as part of its “mission to help everyone achieve a better retirement income”.

As a result, the PLSA has formed four new sub-committees, to ensure defined benefit, defined contribution, local authority and master trusts segments are fully engaged with its priorities.

PLSA policy board chair, Emma Douglas, said: “We have an ambitious policy agenda to ensure the UK regime for retirement savings delivers a better income for everyone.

Drawing on the wide expertise of the PLSA’s Policy Board we have identified four key priority topics: well-run schemes, effective engagement, adequate contributions, and addressing the challenges of consolidation – with some actions for government and some for the industry.”

The committee’s will be responsible for informing the PLSA’s consultation responses, sit on working groups and support its policy positions to government and regulators.

PLSA director of policy and research, Nigel Peaple, added: “These priorities take forward the objectives identified in our 2018 Hitting the Target report for DC schemes and the earlier work of the PLSA DB Task Force.

“Key deliverables include our work on retirement Income standards, the pensions dashboard, DB super funds, and the DB funding regime. It also involves addressing the challenges and opportunities created by the growth of savers in our master trust members, and by the effects on our Local Government Pension Scheme members of the new asset pools.”

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