PLSA’s Response to TPR’s Corporate Strategy
The PLSA agrees with TPR’s overall analysis of the circumstances and challenges facing different cohorts of savers. One of the greatest risks to outcomes in DC pension schemes is an inadequate pension pot. We believe TPR has a role to encourage pension schemes to provide information to savers that will help them grapple with decisions about contributions.
Equally, the decisions faced by savers in DC pension schemes at retirement are incredibly complex. As such, we ask that TPR (and DWP) give consideration to the PLSA’s proposal to provide a statutory obligation on schemes to provide support to savers, such as through sign-posting to products, and by assisting with product selection.
Pensions scams present a great risk to savers as well and we believe TPR (and DWP) should seek to think afresh on how to combat scams.
While expanding its role in regulation and supervision of DC pension schemes, it will be important that oversight of DB Pension Schemes and Public Sector Schemes are not diminished.