The National Association of Pension Funds (NAPF) commented on a report today by the National Audit Office (NAO) which looked at the regulation of defined contribution (DC) pension schemes.
Darren Philp, Director of Policy at the National Association of Pension Funds, said:
“The recommendations highlight the confusion created by our current regulatory structure, with no one department or regulator responsible for defined contribution pensions. This creates confusion for practitioners and, most importantly, pension scheme members.
“We need to slim down the regulatory framework and have a single regulator for all workplace pensions. In our view the Pensions Regulator should be responsible for all defined contribution pensions, whether trust-based or contract-based. Prudential regulation for insurance companies and pension providers would remain with the FSA.”
Notes to editors:
The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,200 pension schemes with some 15 million members and assets of around £800 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
Paul Platt, Head of Media and PR, NAPF, 020 7601 1717 or 07917 506 683, [email protected]
Christian Zarro, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, [email protected]