The government is asking the pensions industry for its views on which regulations affecting the sector should be abolished.
Between now and May 10, pensions regulations will be examined under the ongoing Red Tape Challenge, which aims to remove 'outdated or unnecessary' rules affecting business.
Regulations such as defined benefit legislation, the protection regime and legislation relating to the role of the trustee are among those being put under the spotlight, with a full list of the rules being examined available here.
Pensions minister Steve Webb said: 'Good regulation plays a vital role in private pensions saving; it protects business, consumers and employers. But we need to go back to first principles and make sure unnecessary or overcomplicated regulation doesn't hinder saving.'
The National Association of Pension Funds urged the pensions industry to engage with the initiative's focus on the industry. Darren Philp, NAPF policy director, said: 'Around 1,000 new pensions regulations have been created since 1995.
'The industry needs to shine a bright light on the rulebooks and tell the Government what should be cut out. Outdated regulation hampers innovation and can be a big burden on admin costs.
'It is clearly important that there is regulation to protect people's pension benefits, but we also need to encourage employers to support pension provision. It is a question of striking the right balance.'
Since the Red Tape Challenge was launched by Prime Minister David Cameron in April 2011, it has considered almost 1,500 regulations. The government has committed to 'scrap or improve' over 50% of these.
