Transformative measures to enhance the pension system and boost
retirement outcomes were welcomed by The Pensions Regulator (TPR)
as a “once in a generation” opportunity.
TPR said the Pension Schemes Bill would introduce significant
improvements for savers in both defined contribution (DC) and
defined benefit (DB) schemes.
Nausicaa Delfas, Chief Executive of TPR, said: “The Pension
Schemes Bill is a once in a generation opportunity to address
unfinished business in the UK pension system.
“Making sure all schemes are focused on delivering value for
money, helping to stop small, and often forgotten pension pots
forming, and guiding savers towards the right retirement products
for them, will mean savers benefit from a system fit for the
future.
“We have long advocated for fewer, larger well-run schemes with
the size and skill to deliver better outcomes for savers. As such
we are also pleased to see the proposed legislative framework for
DB superfunds, providing options and choice in defined benefit
consolidation.”
Ms Delfas also welcomed the publication of the government's
‘Workplace Pensions - a roadmap' document, which
provides a strategy for delivering a futureproofed private
pensions system.
TPR, which has worked closely with government on the Bill
proposals, added it would continue to work with government and
other key partners to drive forward change. This will include the
joint value for money framework, planned by the Financial Conduct
Authority, Department for Work and Pensions and TPR. Further
industry consultation on the framework is expected in due course.
Note to editors:
The Pensions Regulator is the regulator of work-based pension
schemes in the UK. We protect savers' money, helps to enhance the
pensions market and support innovation in savers' interests.
Our statutory objectives are to:
- protect members' benefits
- reduce the risk of calls on the Pension Protection Fund
- promote, and improve understanding of, the good
administration of work-based pension schemes
- maximise employer compliance with automatic enrolment duties
- minimise any adverse impact on the sustainable growth of an
employer (in relation to the exercise of the regulator's
functions under Part 3 of the Pensions Act 2004 only)
