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.