Joint TPR & FCA guide on regulation of DC pensions welcomed

A new guide that sets out how The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) regulate defined contribution (DC) workplace pensions has been launched today. Commenting on the guide, Mark Futcher, says:

“This guide is a welcome development for the DC industry, good governance is the key for any successful DC arrangement and ultimately leads to the best outcome for members.

“Underlying all DC schemes are the same fundamental issues and sponsoring employers should ensure that they are getting their employees the best outcome for their spend. Whether there is a legal duty or not, this is good business practice.

“We have seen pressure on contract based pension providers to increase the governance and oversight surrounding their platforms and I think we will soon see a formal duty placed on the employer to ensure that their auto-enrolment scheme complies with a minimum standard”