UK Regulator DC Guidance Fails to Highlight Role of Plansponsors
14 June 2012 (PLANSPONSOREurope.com) - The Pension Regulator’s publication of support materials for good Defined Contribution provision has failed to highlight the important role of plansponsors, according to the Pensions Administration Standards Association (PASA).
Yesterday the UK’s Pensions Regulator published material to help product providers, trustees and employers deliver good outcomes for retirement savers from work-based defined contribution (DC) pensions.
Margaret Snowdon OBE, Chairman of PASA said: “PASA was pleased to have the opportunity to guide the Regulator in articulating what good administration represents. However, we feel that the opportunity to highlight the employer’s part in administering a pension has unfortunately been missed. Readers of the principles may mistakenly think that they are entirely focused on pension administrators.
“PASA also does not differentiate between good DC and good DB administration, there are simply different processes to be applied to each. It is therefore important that DB schemes review these principles, as they can largely be applied to their scheme as well.”