The Pensions Regulator should not try to take on the role of an economic regulator by looking at the issue of charges in the regulation of defined contribution schemes, warns Standard Life.
In its response to the Regulators consultation on: 'Regulating DC schemes in relation to risks to members', which closed on Friday, Standard says it has two main issues with the proposals put forward; the possibility of double regulation and the intention to address charges in DC schemes. Andrew Tully, marketing technical manager at Standard Life, says one particular proposal in the 56-page consultation, to “address the risk of unduly high charges”, is causing the insurer some concerns. He points out in the document the Pensions Regulator reiterates the “Turner says 0.3% and this eats u...
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