The requirement for a pension scheme to prepare and maintain a Statement of Investment Principles (SIP) is contained in Section 35 of the Pensions Act 1995.  This Section should be repealed.

Why is this idea important?

Pension schemes generally pay consulting fees for their SIP to be prepared and maintain.  SIPs serve no useful purpose, and pension scheme members very rarely request to see it.

Therefore pension schemes can save money and the burden of keeping this document up to date by simply abolishing it. 

Pension schemes that see the value in having SIP could still do so on a voluntary basis.

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