The Society of Pension Professionals (SPP) has written to the new Pensions Minister, Emma Reynolds, calling for sufficient time and consultation to be taken over pension policy decisions and implementation.

In the letter, the SPP congratulated Reynolds on her appointment and highlighted a range of issues that need to be addressed, including transfer regulations, auto-enrolment expansion, the notifiable events regime, pensions dashboards, and publishing the Defined Benefit (DB) Funding Code.

However, in the early stages of her time as Pensions Minister, the SPP emphasised that its “key ask” was for Reynolds to take sufficient time over her pension policy decisions, consult thoroughly with the industry, and allow a sufficient period for any changes to be implemented.

The association argued that this approach would maximise the chances of policy success and impact, while minimising the risks of unintended consequences.

“There are numerous examples of pensions policy decisions being made in haste and consequently causing substantial problems,” noted SPP president, Sophia Singleton.

“For example, most recently, the decision to abolish the Lifetime Allowance with insufficient notice, resulting in a negative impact to members, as forewarned by industry.

“As a consequence, suitable legislation to facilitate the abolition of the Lifetime Allowance on 6 April 2024 is not yet in place, leading to HMRC publicly warning some people to delay their retirement until amending regulations are in place.”

On the next steps, the SPP said it recognised there was much to do in the period ahead and said it was “well placed to help”.

“We would very much like to assist with your in-government review but similarly stand ready to assist in any other way that you might think helpful,” Singleton concluded.

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