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Article 50 trigger: Society of Pension Professionals Comments on Impact on Pensions
Tony Bacon, Chairman of the Society of Pension Professional’s European Committee, comments on the news that the Prime Minister has signed the formal “Article 50” notification of the UK’s departure from the European Union.
“Our strong message to pension scheme sponsors and trustees, regardless of potential financial market turbulence during the two year negotiation period, is to “keep calm and carry on”. As indicated in our White Paper [current link] last year, we expect there to be no immediate impact on UK pensions law and regulation. Indeed, looking to the longer term there is the prospect that some of the more worrying aspects of EU pensions regulation, such as unnecessarily costly reserving requirements and intrusive supervision from Europe may be averted.
“We hope and expect that the UK government’s negotiation representatives will keep a clear focus on the UK private pensions sector during the next phase of our withdrawal from the EU.
“The withdrawal process will present both opportunities and challenges for the providers of retirement income for the people of the UK. The SPP will continue to inform opinion and to support our members who have to navigate through these uncharted waters.”
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