Triennial review of pensions bodies: call for evidence – an NAPF response
NAPF welcomes this review. The pensions bodies that fall under the remit of this review perform critical functions, which help safeguard members’ pension rights. Largely these are functions that need to be carried out by experts and free of any political interference. However the pensions landscape has changed considerably since these organisations were first set up and it is right to review whether these functions are performed effectively and in the most efficient way. The NAPF’s response to this review includes a series of constructive proposals as to how these bodies could be made to work better and truly reflect the pensions landscape in which they now operate.
In particular, the NAPF recommends that:
- A single regulator should be created for workplace pensions, with TPR taking on responsibility for workplace contract-based schemes to ensure consistent regulatory oversight of the workplace pensions system;
- TPR should set out clear criteria for how it plans to demonstrate it is delivering against its new objective and undertake regular assessment against those success criteria to ensure that the objective is leading to a tangible shift in behaviour;
- The Government actively consider whether TPAS’s functions could be better delivered by an external, not-for-profit organisation; and
- The PPF should be included in any future review of pension bodies