Commenting on the start today of The Pension Regulator’s campaign to improve pension administration standards, Joanne Segars, Chief Executive of the National Association of Pension Funds, said:
“With contributions and payouts often spanning many decades and thousands of people, good housekeeping is essential to the running of a pension scheme.
“We’re supportive of the Regulator’s overall aim to raise standards of administration and record-keeping. The vast majority of pension schemes are well run, but there is always room for improvement, especially among some smaller schemes.
“But the Regulator needs to maintain a proportionate approach to this campaign. Schemes should not feel pressured to spend money on new admin systems if members would gain more by seeing the cash spent elsewhere.”
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.
2. A press release from the Pension Regulator can be seen here: http://www.thepensionsregulator.gov.uk/press/pn11-05.aspx
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]