In a new blog, Nausicaa Delfas, Chief
Executive of The Pensions Regulator, examines the impact of the
Pension Schemes Bill, how the regulator is working to address
unfinished business in the pensions system, and why industry must
push for ever higher standards to help unlock transformational
opportunities.
Nausicaa welcomes the ‘game-changing' potential of the Bill to
help drive consolidation and value to deliver greater returns and
says the new guided retirement duty will help complete the
picture with default solutions and services at retirement.
The blog sets out that the industry is at a “pivotal juncture”
with the opportunity to embrace better data and technology, and
that the quality of trusteeship must improve.
She notes that with bold new legislation comes greater
responsibility for trustees, advisers and administrators whose
decisions can impact the financial wellbeing of millions of
savers.
She underlines the key traits that trustees must possess, first
set out in her recent speech to the Pensions
Management Institute, in which she announced TPR will launch
a new strategy to bring trusteeship into line with other
professions and corporate governance standards.
She says: “Everyone working in the pensions industry needs to be
thinking now about their own role in making these reforms a
success. The industry needs to adapt, evolve, rethink what it
means to be a trustee, an administrator, an advisor. I am
confident we will work together to complete the jigsaw and turn a
vision of better outcomes for pension savers into a clear
reality.”
Read the blog.
Notes to editors
The Pensions Regulator is the regulator of work-based pension
schemes in the UK. It protects savers' money, helps to enhance
the pensions market and supports innovation in the interests of
savers. Its statutory objectives are to:
- protect members' benefits
- reduce the risk of calls on the Pension Protection Fund
(PPF)
- promote, and to 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)
