NAPF Comments on Regulator's look at DC Pensions | Pensions and Lifetime Savings Association

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NAPF Comments on Regulator's look at DC Pensions

28 January 2011

The NAPF backed today’s (Fri) launch by The Pensions Regulator of its discussion paper on defined contribution pensions, ‘ Enabling Good Member Outcomes in Work-based Pension Provision’ .

Darren Philp, Director of Policy, National Association of Pension Funds (NAPF), said:

“These Defined contribution pensions are becoming more and more important, but their standards vary greatly, so it is important to try to raise them."

“With millions set to join a pension in the next few years, people need to be assured they are getting value for money and that they stand the best chance of a good retirement.

“The NAPF has done a lot of work to try to promote high standards in DC pensions. 160,000 people and rising are now in a pension that carries our Pensions Quality Mark - a benchmark that ensures good standards of governance, contribution rates, and communication.

“The Regulator’s paper sets out some important areas for potential improvement, including record-keeping, scheme size and investment choices.

“It is welcome that it is taking a strategic approach to these issues and is starting a debate about how to improve member outcomes. However, it needs to proceed with caution and not rush to introduce new regulations. The NAPF is fully engaged in this important debate.”

 

Notes to Editors:

1. 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.

Contact:

Paul Platt, Head of Media and PR, NAPF, 020 7601 1717 or 07917 506 683, [email protected]