Mellon Financial Corporation’s Human Resources & Investor Solutions (HR&IS) business has this week called for the establishment of a new pensions authority in the UK. It says the authority should consist of experts from the pensions industry, and that it would help create a more stable and cost-effective system for pensions in the long-term.
Mellon believes an authority – in the same way that the Bank of England sets interest rates – should be given the freedom to draft legislation, placing a greater weight upon the views of full-time pensions experts, rather than politicians.
Writing in this week’s Professional Pensions Magazine, Kevin LeGrand – Head of Technical Services at Mellon HR&IS, said: “Anybody who has looked at pensions legislation and has lived with it over the years has come to the conclusion that there is an awful lot wrong with it, but all we do now is change little bits of it in isolation.”