On the Pensions Bill, Gareth Connolly, Chair of the IFoA Pensions Board, comments, “The increase in the numbers of employers providing pension schemes for their employees as a result of auto-enrolment has brought pension provision into clear focus and led to new solutions being developed. This raises the challenge of whether new and existing models are fit for purpose and how to address their governance, regardless of whether they are contract or trust based.
“Appropriate changes to the regulatory and legal regime should be undertaken to address any gaps and ensure member protection is consistent across all types of provider. Otherwise there is a risk that some schemes may not be sustainable in the long term.
“If a Master Trust fails there is a risk that the funds accumulated on behalf of individual members in that Trust could be compromised. There are also other risks that need to be addressed to protect members such as ensuring the funds are appropriate and don’t suffer from excessive charges. We therefore fully support the Government’s intention to take steps to ensure Master Trusts operate in a level playing field.”
On the Modern Transport Bill, David Brown of the IFoA General Insurance Board comments, “Driverless cars will create new opportunities for those unable to drive themselves. However there is an urgent need to put the necessary infrastructure into place to enable the market to develop.
“The merits of these vehicles include the potential for a reduction in the number of accidents and greater fuel efficiency. However, there are a number of issues that need to be resolved mainly in the area of technological disruption such as local power failure or cyber/satellite disruption.
“We would encourage the Government to introduce legislation that clarifies who bears liability in the event of a driverless car being the cause of an accident and to make clear how the infrastructure to support driverless cars will be put into place. Manufacturers, insurers and the insured would all benefit from this clarity. We would also welcome discussion of issues affecting overseas driving of these vehicles.”
On the Neighbourhood Planning and Infrastructure Bill, David Brown of the IFoA General Insurance Board comments, “The IFoA recognises the need to build more housing stock in the UK. However, we would encourage government, national and local, to accept the need to build only where there is limited future risk of flooding or to only build in these areas where the new building stock has the necessary level of flood resilience. While new housing will bring a boost to the economy, we would urge long term planning that minimises the risk for future homeowners, tenants and new businesses that would also develop in those areas.”
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