A raft of new powers will be given to the proposed new pensions regulator outlined in the Pensions Bill, provide more security to occupational schemes and their members by taking a more proactive approach to regulation.
Unlike the current system overseen by the Occupational Pensions Regulatory Authority, set up through the 1995 Pensions Act, the new regulator will focus on "the real risks", the DWP says in one of its factsheets released today. Key issues of focus will be: fraud, mal-administration, under-funding. The DWP says the approach will not only carry a big stick, it will also provide carrots in the shape of improved support to employers providing schemes "helping to keep burdens on business to a minimum", including "education and guidance roles". Unfortunatly, the factsheet does not ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
