This is going to be a big year for pensions, particularly for pensions regulation which is at last showing some limited signs of moving forward.

This week we also had an update from the regulators, including the FCA, on the Value for Money Framework for DC pension schemes which cover 16m people.

The regulators are to push ahead with plans to force pension schemes to prove their value to members. Those that underperform over an extended period could be forced to close with funds moved elsewhere.

There will also be a colour-coded, traffic light scheme showing members how their schemes are performing. If you're in a 'red' scheme it's not good news.

Some of this has naturally provoked some howls from the pension schemes themselves who are not too keen on being held to such public scrutiny.

Good schemes, of course, have nothing to fear but the many under performing schemes should get a well needed kick to improve performance.

We also have the Pensions Dashboards due to begin operating, to some degree, from the autumn. These are so long overdue they are beginning to rival HS2 for national disaster status but we should keep our patience and say, if they work, they will help millions keep track of all their pensions and enable, again, much more scrutiny.

At the same time we’ve also seen Chancellor Rachel Reeves take her scalpel to the unplanned, but remarkably successful Salary Sacrifice scheme which is now used by an incredible third of workers to top up their pensions.

There is no doubt that Salary Sacrifice has encouraged many workers to put more into their pensions - which is what we want, right?

So it’s a winner in a messy pensions landscape so what a great time to cut it back, just as it was working smoothly and efficiently (and yes I am being sarcastic).

The Treasury, of course, was worried about the long term loss of National Insurance revenue, which is fair enough, but harming a simple scheme that enable more people to save into a pension (and thereby reduce the burden they might place on the public purse after they retire) is a backward decision. I hope it is dropped or seriously watered down.

So a busy year ahead on pensions but one that reminds us yet again of what a mess UK pensions are. A hotch potch of conflicting schemes, a sector which requires government regulation to force it to prove its value and an unnecessary knock to a popular tax mitigation scheme.

Yet again we’re reminded that without a common sense, cross party approach we will never emerge from the pensions mire we are currently in.

On the basis that common sense will eventually prevail, and due to my natural optimism, it just remains for me to wish you a very Happy New Year and if you are working in pensions - good luck!

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Kevin O’Donnell is editor of Financial Planning Today and a journalist with 40 years of experience. This topical comment on the Financial Planning news appears most weeks, usually on Fridays but occasionally other days.  Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Follow @FPT_Kevin 

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