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NAO investigates defined-contribution regulation

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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  1. 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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