The Pensions Regulator will monitor personal accounts, says Pensions Minister Mike O'Brien.
The Pensions Regulator will oversee personal accounts as a whole and ensure employers meet their obligation to automatically enrol staff into a good workplace pension scheme.
O’Brien says: “Working with the Pensions Regulator we will put in place a simple, proportionate compliance regime which ensures employers meet their obligations without imposing any unnecessary burdens.”
The Pensions Regulator will use a proportionate approach, which will focus on enabling employers to meet the requirements of the proposed legislation.
HM Revenue and Customs (HMRC) will give The Pensions Regulator the necessary information to identify employers, which will form the basis for the regulator’s employer registration process.
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