Pensions Consultants at Broadstone Corporate Benefits Ltd welcomes the call for a single pensions regulator for all workplace pension schemes.
This is particularly topical as the DWP are looking to introduce statutory minimum standards for money purchase to ensure the pot follows member solution announced on Tuesday will not be undermined by transfers from good schemes to poor schemes.
David added “If this is taken forward we will have a mishmash of regulation, statute and overseeing bodies where inevitably some areas will be overregulated and other areas will fall between the cracks."
Some of these rules apply to employers, some to Trustees and some to providers either interchangeably or exclusively; the complications seems endless. Where will it end? How will employers and trustees know who to follow?”
“It is obvious that one regulator who can be responsible for the guidance and standards for all workplace DC schemes would make things much easier for us all. However, are we too far down the rabbit hole to be able to take the best from tPR and FCA for a new DC pensions Regulator? Perhaps. What should it be called? No idea! We might need a naming committee.”