British pension regulations need to be dramatically simplified, Ann Robinson, director general of the U.K.'s National Association of Pension funds, said today. Speaking at the association's annual meeting in Glasgow, Ms. Robinson noted the U.K.'s Pension Act, adopted last July, has generated more than 1,000 pages of detailed rules. That burden of regulation is helping drive British employers away from defined benefit plans and toward defined contribution schemes.
Ms. Robinson called on the government to make the rules easier to follow. That might encourage some companies to stick to their existing ``high quality schemes. Occupational pensions are too valuable to be killed off by accident,'' she said.