Bill Galvin, executive director for strategic development at TPR told Corporate Adviser Summit delegates that the challenge in regulating DC was one of targeting a sector where most schemes are very small and have widely varying contributions and where pots are immature and of low value.
Galvin said many trustees of DC schemes lacked the time or understanding to deal with the issues presenting, meaning pension duties were often marginalised. He said individuals involved in schemes often have multiple roles, and these can often become blurred.
The regulator’s approach to contract-based schemes will see it focus on charges, member understanding, investment, administration and retirement options. It will also be charged with implementing the requirements of the Pensions Act which will to ensure that auto-enrolment into qualifying pension schemes takes place as required.
He added that the recent consultation on record-keeping had received 54 consultations.
Galvin said: “The draft guidance on the record-keeping consultation was well-received and we will shortly be publishing our response and final guidance.”