Regulator warns pension schemes to prove value or wind up

TPR warns DC schemes

Holly Roach
clock • 1 min read

The Pensions Regulator has warned smaller defined contribution (DC) pension schemes they must prove their value to savers or wind up.

The regulator warned the schemes they must prepare a more rigorous value for money assessment in line with regulations coming into force from next month (1 October). The regulations mean trustees of DC schemes with less than £100m in assets must compare their scheme's costs, charges and investment returns against three other schemes. They must also carry out a self-assessment of their scheme's governance and administration in line with seven key metrics. TPR has reminded schemes they must report the outcome of the assessment in their annual chair's statement and provide the regulat...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Pensions

All change: Adjusting to life after the lifetime allowance

All change: Adjusting to life after the lifetime allowance

Despite initial confusion new system is 'surprisingly straightforward'

Susan Dalton
clock 03 June 2024 • 5 min read
LTA removal: Navigating policy intentions versus practice

LTA removal: Navigating policy intentions versus practice

'HMRC has acknowledged the faults' and will fix the issues

Josh Croft
clock 30 May 2024 • 2 min read
Our daughters deserve better! Closing the gender pension gap

Our daughters deserve better! Closing the gender pension gap

'Raising awareness, collaboration, and education, are key'

Susan Hope
clock 28 May 2024 • 4 min read