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Regulator plans to bolster DC disclosure

The Pensions Regulator is set to increase the disclosure requirements for defined-contribution scheme costs and charges to increase transparency ahead of automatic enrolment.

In its initial response to its DC discussion paper this week, TPR says: “We want to see more transparency in the way charges are disclosed, demonstrating value for money in a clear and simple way. The DWP has a reserve power to legislate in relation to charges in schemes used for automatic enrolment if there is evidence of unacceptable charges being levied in schemes.”

TPR is considering kitemarking for DC schemes to signpost good provision to employers and could add a new accountability framework for decision-making in DC schemes after respondents suggested it is unclear.

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