Transformative measures to enhance the pension system and boost retirement outcomes were welcomed by The Pensions Regulator (TPR) as a “once in a generation” opportunity.
TPR said the Pension Schemes Bill would introduce significant improvements for savers in both defined contribution (DC) and defined benefit (DB) schemes.
Nausicaa Delfas, Chief Executive of TPR, said: “The Pension Schemes Bill is a once in a generation opportunity to address unfinished business in the UK pension system.
“Making sure all schemes are focused on delivering value for money, helping to stop small, and often forgotten pension pots forming, and guiding savers towards the right retirement products for them, will mean savers benefit from a system fit for the future.
“We have long advocated for fewer, larger well-run schemes with the size and skill to deliver better outcomes for savers. As such we are also pleased to see the proposed legislative framework for DB superfunds, providing options and choice in defined benefit consolidation.”
Ms Delfas also welcomed the publication of the government’s ‘Workplace Pensions - a roadmap’ document, which provides a strategy for delivering a futureproofed private pensions system.
TPR, which has worked closely with government on the Bill proposals, added it would continue to work with government and other key partners to drive forward change. This will include the joint value for money framework, planned by the Financial Conduct Authority, Department for Work and Pensions and TPR.
Further industry consultation on the framework is expected in due course.
Notes for editors
The Pensions Regulator is the regulator of work-based pension schemes in the UK. Our statutory objectives are to:
- protect members’ benefits
- reduce the risk of calls on the Pension Protection Fund
- promote, and 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
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