The Pensions Regulator could set up a kitemarket for DC pension schemes to support employers fulfilling their automatic enrolment duties.
The idea is one of several floated by TPR in an initial response to its Enabling Good Member Outcomes in Work-based Pensions consultation.
TPR is also considering changes to disclosure requirements for scheme charges to make them transparent and comparable. It says this is necessary to help employers and members to better judge value for money and may involve changes to the requirements around disclosure of costs and fees It also says better accountability for decision-making in DC schemes could be achieved through the introduction of an accountability framework. A full response, including more detail about the proposed next steps, will follow in the autumn.
Executive director of DC, governance and administration, June Mulroy says:”It is encouraging to hear such strong views from right across the industry on how to improve DC pensions – and that the industry recognises the need for change in many areas. Without positive action by everyone involved with DC pensions we do not believe that the current market will always support members to achieve a good outcome from
their savings. “It is important now that we maintain momentum and that we work closely with the wider industry and our Government partners to establish the best way forward.”
