The Pensions and Lifetime Savings Association (PLSA) comments on the Pension Regulator’s (TPR) 15-Year Corporate Strategy consultation response.
Nigel Peaple, Director of Policy and Research, PLSA, said: “We agree with TPR that the biggest challenge for many savers is that they are not putting enough into their DC pensions. We urge TPR to encourage schemes to support savers on addressing the adequacy issue – the PLSA’s Retirement Living Standards can help in this regard.
“Equally, the decisions faced by savers in DC pension schemes at retirement are incredibly complex. 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 as they approach decumulation, for example by assisting with product selection.
“While we accept that TPR has a growing regulatory task, it is important that it seeks to be as efficient as possible. It will need to ensure its approach is tightly focussed on achieving key beneficial outcomes for scheme members and that the costs of the Regulator, which are passed on to schemes and their savers, do not rise substantially.
“It will also be crucial that TPR’s good intentions towards improving scheme governance do not create scenarios where trustees are spending a disproportionate amount of their time completing what would effectively be audit checklists, rather than ensuring the best outcomes for savers.”
Mark Smith, Senior PR Manager
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Steven Kennedy, PR Manager
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