O’Brien announced today that The Pensions Regulator will monitor personal accounts as a whole, as well as ensuring employers meet their obligation to automatically enrol staff into a good workplace pension scheme.
O’Brien says the pensions regulator is well-placed to perform this role given its current jurisdiction.
He says: “It currently does an excellent job protecting pension scheme members while also demonstrating sensitivity towards the needs of businesses. I am confident the pensions regulator can continue to perform this excellent service and handle the new personal accounts scheme with no detrimental effect to its existing role.
“Working with the pensions regulator we will put in place a simple, proportionate compliance regime which ensures employers meet their obligations without imposing any unnecessary burdens.”
The pensions regulator chairman David Norgrove says: “We welcome the confidence in us shown by choosing us to undertake this task, which will be central to the success of personal accounts.”