The Pensions and Lifetime Savings Association’s (PLSA) Policy Board has made setting out key principles for any reform of pension taxation a priority policy issue for 2021.

The PLSA also intends to work on the issue of small pots through collaboration with the government and wider pensions industry to develop a solution that is in the interests of members and reduces costs for schemes.

The board will also seek to advocate for a defined benefit (DB) funding regime that allows sufficient flexibility for open DB schemes, sets achievable goals for closed DB schemes, and adopts a suitable regime for multi-employer DB schemes.

Elsewhere, the association will also prioritise ensuring that pensions dashboards help members avoid scams and understand their pensions, while also aiming to lend a hand to schemes preparing for involvement in the project.

With six priority issued in total, the board has also earmarked pushing high standards of investment governance and stewardship, and advocating the adoption of its regulatory framework for defined contribution (DC) savers’ retirement income as key issues.

PLSA director of policy and advocacy, Nigel Peaple, said: “At our first meeting in January, the Policy Board identified some key priorities for our work, based on the challenges for UK pension provision and the current policy context.

“2021 is going to be a busy year, as we seek to land the right approach to DC decumulation and DB funding; to play our part in the run up to COP26 on climate change and respond to government’s expected action on pensions tax relief to address the state of the public finances.”

Additionally, the association announced the hire of six new members to its Policy Board, following a comprehensive selection process.

The newly revealed members of the board are RPMI’s John Chilman, HSBC Pension Trust’s Lisa Young-Harry, Aon’s Paul McGlone, Phil Brown from The People’s Pension, Sarah Luheshi from the Pensions Policy Institute and JP Morgan Asset Management’s Sorca Kelly-Scholte.

The board itself guides and decides on the PLSA’s public policy positions, with a remit stretching across all PLSA policy work on pensions and lifetime savings, with an aim of shaping the policy agenda for all aspects of retirement income.

PLSA Policy Board chair, Emma Douglas, said: “I am very much looking forward to working with John, Lisa, Paul, Phil, Sarah and Sorca on the Policy Board. We have assembled a diverse group of thought-leaders and experts from across the PLSA’s membership to shape the pensions and savings landscape for the benefit of both schemes and savers.

“I also wish to thank previous Policy Board members Carol Young, Chris Hogg, Nicola Marks, Jamie Jenkins and Gregg McClymont for their brilliant contributions during their time on the board.”

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