Pension regulation in the UK should transition "from nudging to shoving" in an effort to guarantee sizeable pension savings, the parliamentary select committee for work and pensions has been told.
Giving evidence on governance and best practice in workplace pensions, Michael Johnson of the Centre for Policy Studies spoke in favour of a more proactive regulator, noting that if the country's workers failed to amass sufficient pension savings, the cost would be borne by the taxpayer.
Johnson once again argued for consolidation within the local government pension sector and indicated that the matter of scale was important across the industry – arguing that scale of pension pots was a matter the regulator "should be thinking about." He insisted that the regulator should be considering such matters through the eyes of the consumer.
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