70% Of Pension Schemes Can't Use Fast Track, Group Says

Law360, London (November 5, 2020, 2:57 PM GMT) -- Seven out of ten retirement saving plans would not be able to take advantage of a new "fast track" route to regulatory approval proposed by the industry watchdog, a pensions consultancy said Thursday.

Hymans Robertson said The Pensions Regulator would need to take a more flexible approach to ensure that more schemes could benefit from the new provisions. The regulator proposed in March a new "twin track" method for defined benefit schemes to submit their funding plans to the regulator for approval.

The proposals, which have proven controversial, would mean that pension schemes that met certain governance standards would be able to...

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