Statement concerning Work and Pensions Select Committee press release
Tuesday 10 March 2015
Lesley Titcomb, Chief Executive of The Pensions Regulator, responds to a report published today by the Work and Pensions Committee - Progress with automatic enrolment and pension reforms.
Lesley Titcomb said “We welcome the committee’s recognition that the first two years of automatic enrolment have been successful, with many thousands of employers now helping to change the way we as a nation save for retirement. Significant challenges remain, as around 1.3m small and micro businesses prepare to meet their pension duties. The Pensions Regulator is contacting all employers well in advance to help them to comply by giving them simple, clear information. We will continue to work with the DWP to provide information on the effectiveness of the programme.
“With so much change in the pensions sector, it’s more important than ever that the industry is robustly regulated. That’s why we’re working closely with the FCA, DWP and HM Treasury to provide protection for savers across different forms of pension schemes; to identify and tackle risks such as scams; and to ensure that individuals receive information to help them make informed retirement choices.
“We will review the committee’s recommendations and work with Government to respond to the report in more detail.”
Editor's notesThe Pensions Regulator is the regulator of work-based pension schemes in the UK. We have objectives to: protect members’ benefits; reduce the risk of calls on the Pension Protection Fund (PPF); to promote, and to improve understanding of the good administration of work-based pension schemes; to maximise employer compliance with automatic enrolment duties; and to minimise any adverse impact on the employer’s plans for sustainable growth (in relation to the exercise of the regulator’s functions under Part 3 of the Pensions Act 2004 only).
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