Irish regulator The Pensions Board has launched a consultation into how defined contribution pension provision can be simplified.
The consultation paper outlines a range of ways in which pensions could be simplified, including eliminating unnecessary or redundant reporting and duplication of reporting obligations.
Reducing “excessive” administration burdens, addressing anomalies and inconsistencies in rules between similar arrangements, and making pensions more accessible and understandable to members are also highlighted.
Interested stakeholders are invited to provide comment on a range of areas including rationalisation of personal pension vehicles, simplifying language and communications, and limits for trivial pensions.
Submissions are invited through to 29 February, and the consultation document can be found here.
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