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NAPF renews call for single regulator for pensions

The NAPF has urged the Government to shift regulatory responsibility for GPPs and stakeholder pensions from the FSA to the Pensions Regulator.

In its response to the Pensions Regulator’s consultation on defined contribution pension provision, the lobbying organisation renews its call for the introduction of a single regulator for pensions.

It says: “The FSA’s responsibilities for group personal pensions and stakeholder pensions, including point of sale regulation, should transfer to the Pensions Regulator.

“Prudential regulation for insurance companies and pension providers would remain with the new Prudential Regulatory Authority.”

The NAPF is also pressing the regulator to make low management charges “a key priority” ahead of automatic enrolment.

It says that this could be achieved in part through the establishment and development of multi-employer “super trusts”, which would bring “scale and stronger governance” to workplace DC pensions.

The initial consultation period closed on April 22. The regulator plans to seek views on any further specific proposals later this year.


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There is one comment at the moment, we would love to hear your opinion too.

  1. Julian Stevens 11th May 2011 at 1:02 pm

    I’m just reading a CII study module entitled Pension Tax Structure ~ The Main Allowances. Key Fact 19 (and bear in mind that this is a boxed summary of all the turgid guff that’s gone before) reads:-

    The new simplified pensions tax regime came into effect in April 2006, even though several important parts of the necessary legislation did not become law until the Finance Act 2006 received Royal Assent on 19th July 2006. Further changes to the rules were contained in the Finance Act 2007, the Finance Act 2008, the Finance Act 2009 and in the Finance Act 2010, with further changes on the way currently in draft form in the Finance Bill 2011.

    And the government wonders why people are disinclined to save for their retirement?

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