Product category:
Protection
News Release from: Standard Life Bank | Subject: Protection
Edited by the Insidemoneytalk Editorial
Team on 29 October 2007
Pension Regulator governance of DC and
new transfer value calculations
The Pensions regulator has published it's response to the andquot;Better governance of work-based pension schemesandquot; consultation responses which can be found here:
www.thepensionsregulator.gov.uk/whatsNew/pn07-16.aspxJohn Lawson, Head of Pensions Policy said, andquot;The regulator's response to its call for evidence clearly shows that it has tempered its approach, particularly towards contract-based schemes This is important as private sector members of stakeholders and personal pensions now outnumber private-sector members of trust-based occupational schemes (both DB and DC) by two to one
This article was originally published on Insidemoneytalk on 23 Feb 2007 at 8.00am (UK)
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A heavy-handed approach to regulation could have resulted in higher charges for contract-based schemes and the 6 million plus members of them.
Thankfully, the Pensions Regulator has taken a reasonable approach that allows each employer to implement a governance framework according to their needs.andquot; The DWP has published delayed transfer value regulations today, via: www.dwp.gov.uk/mediacentre/pressreleases/2007/oct/pens045-251007.aspJohn Lawson, Head of Pensions Policy said, andquot;Draft regulations gave far too much scope to trustees and actuaries to use calculation bases that resulted in unfair transfer values for ex-scheme members.
This is a technical consultation and my fear was that too few of the respondents would be batting for the consumer in this debate.
Hopefully, the implementation of the regulations has been delayed to ensure that they contain checks and balances to ensure that ex-members of DB schemes are not ripped-off when transferring their benefits away.andquot; For further information please contact:Paul KeeblePR ManagerStandard Life Assurance LimitedGround Floor5 Devonshire SquareLondonEC2M 4YD020 7872 44810771 248 638725 October 2007.
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