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NAPF attacks pensions regulator over DC governance proposals

The National Association of Pension Funds has launched a stinging attack on The Pensions Regulator after contract-based schemes were excluded from proposed new occupational DC governance rules.

Yesterday, TPR published a consultation setting out a new framework for the regulation of DC schemes. It includes 31 quality features it wants pension schemes to be able to demonstrate.

While the regulator says it expects both trust and contract-based workplace schemes to apply the quality features, TPR’s remit only covers trust-based pensions. In the consultation, TPR says FSA rules which govern contract-based schemes already include provisions which match the quality features it has set out.

Following publication of the proposals, the NAPF issued a statement saying it was “disappointed” the regulator had decided to limit the proposals to trust-based pension schemes.

Speaking to Money Marketing, NAPF senior policy adviser Richard Wilson says: “We have deep reservations about the idea that the FSA’s rules are enough to protect members of workplace pension schemes.

“FSA regulation often entirely misses the point when it comes to workplace DC. Workplace pensions are different to other financial products because they are bought by the employer on behalf of their employees.

“Selling to an employer is not a regulated activity and because of inertia, most employees will remain in that product. That is a significant risk and it is up to The Pensions Regulator to make sure members are protected.”


The Technical Quiz 10 Jan

To help you to keep up with the fundamentals of tax, retirement and financial planning, try answering these questions. Answers below.

Three brokers to stand trial over £1m mortgage fraud

Three mortgage brokers, along with a solicitor and two property valuers, are set to stand trial for an alleged £1m mortgage fraud. It is alleged that between May 2003 and October 2008 the six defendants conspired together or with others to obtain mortgage finance by submitting false statements of income and other documents, according to […]

ASA bans ‘misleading’ claims chaser advert

The Advertising Standards Authority has banned a claims firm’s radio advert for making misleading claims to consumers. The advert, from Payment Protection Partnership, claimed “time was running out” to claim for PPI misselling, which could end up costing a person up to £4,000. It stated: “You could be in line for thousands of pounds, but […]

Directors, limited liability partners and auto-enrolment

By Jim Grant, Senior Product Insight & Technical Support Analyst 6 April 2016 brought in changes to employer duties for directors and partners in limited liability partnerships. Here we explain exactly what’s changed. Before 6 April 2016… Directors of limited liability companies where there were no other directors or employees were exempt from the employer […]


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