The Pensions Board said it was "anxious" to gather the views of the industry, but ruled out any immediate review of defined benefit (DB) arrangements in light of the government's reinstatement of the funding standard, on which details are still forthcoming. It urged the industry to address the necessity of all regulation, as well as its effectiveness and impact, and whether there were "smarter" ways of achieving goals. "Simplification of regulation and of associated administrative procedures should be kept under ongoing review by a regulator", the Board's call for advice said.
"It is important from time to time to review the procedures in place for regulated entities to meet the requirements of the Pensions Act." However, it acknowledged that regulation would at times be "unavoidably complex", adding that, if these were identified, the regulator could issue clearer guidance.
It noted that last year's National Pensions Framework had identified a number of the country's personal pension vehicles – such as Personal Retirement Savings Accounts (PRSA) and Retirement Annuity Contracts (RAC) – as being ready for re-examination.
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