Call for single pension regulator
The Work & Pensions Committee have called on the government to reassess the case for establishing one body with sole responsibility for regulating workplace pensions.
The Report calls on the Government to reassess the case for establishing one body with sole responsibility for regulating workplace pensions.
Noting concerns over current gaps in regulation and the potential for further gaps to arise as a result of now having three regulators with a role to play, the Report argues that a single regulator is necessary to ensure that all members of workplace pension schemes are adequately and consistently protected.
Comment
The Work & Pensions Committee is simply echoing what those in the pensions industry have been saying for some time. The distinction between the regulation of company pension schemes and contract based plans has been a source of concern for many.
If the Coalition Government is serious about reducing red tape here is great opportunity!
Steve Clark