The Government has stated that it will consult later in 2019 on proposals to:

• improve competition in financial advice services used by trustees of both defined contribution (DC) and defined benefit (DB) pension schemes;
• ensure better disclosure of fees and performance;
• encourage closer trustee engagement when buying such services; and

• enable more effective monitoring of compliance by The Pensions Regulator (TPR).

The stems from a Competition and Markets Authority (CMA) investigation into investment strategy advice accessed by pension schemes, which found trustees were often denied clear information which would help them when weighing up options – hitting retirement incomes.

The CMA recommended that the DWP

pass the necessary legislation to enable the Pensions Regulator (TPR) to oversee the duties on trustees. Correspondence from the DWP, HM Treasury and TPR accepts the recommendation. Regulations will be introduced, insofar as they apply to trustees, into the main body of pensions law.

As well as allowing TPR to more effectively monitor compliance, it will . . .

15 Mar 2019   Check other news items