Regulator U-turns on auto-enrol scheme list

Lesley Titcombe

The Pensions Regulator has reversed its decision not to publish a list of pension schemes to help employers pick an auto-enrolment provider.

From today TPR will produce a list of master trusts which have completed the voluntary master trust framework assurance.

In March the regulator said it would not create a list of schemes that say they will accept all employers over fears the list would not be objective and transparent.

Chief executive Lesley Titcomb says: “I strongly believe the vast majority of the 1.3 million small and micro employers approaching auto-enrolment want to do the right thing. However, many will choose not to seek advice and will need additional support to meet their duties.

“We are committed to providing them with the information they need to make confident choices when it comes to choosing a quality scheme for their employees. My message to employers is clear: prepare early to make the most of the wealth of support available on our website. We are here to help.”

In April Money Marketing revealed how just three providers – The People’s Pension, Now: Pensions and SEI Investments – had obtained assurance a year after the framework was launched.

Government-backed provider Nest is yet to achieve the standard.

Now: Pensions chief executive Morten Nilsson says: “Today’s announcement is a big step in the right direction. It is also a much needed vote of confidence in the assurance framework.”

The People’s Pension director of policy and market engagement Darren Philp says: “It is good TPR has listened and is now helping smaller employers chose a pension scheme by flagging providers other than the Government’s Nest scheme.”