Experts Warn Over Changes To UK Pensions Regulation

Law360, London (July 23, 2020, 2:20 PM BST) -- A proposed funding overhaul for defined benefit pension schemes in the U.K. could be too rigid and could damage pension schemes and savers, a report warned on Thursday, as industry support for the plan dwindles.

The Pensions Regulator, which set out the proposals in March, wants more rigorous oversight for some defined benefit retirement schemes before it signs off their funding plans. But Lane Clark & Peacock, a consulting company, warned in a report that the new regime could create an inflexible, one-size-fits-all approach to retirement planning that would not suit the domestic market.

"The defined benefit pension universe is incredibly diverse, and...

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