The Pensions Regulator has outlined 36 features it believes are “core components” of good defined-contribution schemes as part of a drive to raise standards ahead of automatic enrolment.
The key features list is designed to underpin the six principles for good DC provision published by the regulator in December last year. It is aimed at providers, trustees and employers.
The Pensions Regulator’s chief executive Bill Galvin (pictured) says: “It is important that employers and retirement savers have confidence that their chosen scheme is likely to deliver good outcomes.
“With these principles and features, we want to support the industry in demonstrating to employers and members that schemes are well designed and governed.
“These will also form an important part of our regulatory approach – we will consult formally on that in 2013. In the meantime, we hope that those responsible for designing and running schemes to be used for automatic enrolment will take these principles and features into consideration.”
TPR has also published a tool designed to help employers check their existing DC scheme meets the minimum legislative requirements for auto-enrolment.