NAO investigates defined-contribution regulation
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The National Audit Office has launched an investigation of The Pensions Regulator’s approach to defined-contribution schemes ahead of automatic-enrolment.
The study will focus on whether regulation of DC schemes by TPR effectively addresses the key risks to scheme members.
A NAO spokesman says: “In 2007 we did a study of the then new Pensions Regulator and this is a natural extension of that work.”
The final report will be presented to the public accounts committee in spring 2012.
A spokesman for The Pensions Regulator says: “We welcome the NAO’s review of the regulator’s work on defined-contribution regulation.
“This comes at a crucial time when DC schemes will play an increasingly important role as a result of automatic enrolment.”
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Readers' comments (1)
Chris F | 6 Jan 2012 1:37 pm
I'm afraid my only experience with the pensions regulator was not a good one. A company was deducting payments from employees salaries and not paying them over.
There did not seem to be any intention of fraud, but this had gone on for over a year. I had alerted the company to the potential for fines etc.
Although the staff were very concerned, they did not want to "cause a fuss" (borne out by events since as only one still works there).
I eventually made a full report to the regulator.
Guess that happened?
Nothing.
A few months later, we eventually managed to get the back contributions paid but as far as I am aware the pensions regulator did precisely nothing.
There was significant loss incurred by the members (around £300 each) in terms of lost growth but that will never be seen.
Imagine what this is going to be like come auto enrolment? How many companies will have poor/no adminstrative processes - and how many will just steal the deductions anyway?
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