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Pensions in safe hands…

A key part of June Mulroy’s work will be a blueprint for DC provision which will outline 11 basic principles that trustees, providers and employers will need to follow.

The regulator’s initial discussion paper, entitled, Enabling good outcomes in DC pension provision, published in January, identified six elements which it believes are important for achieving good outcomes for savers; appropriate decisions with regards pension contributions, appropriate investment decisions, efficient and effective administration of DC schemes, protection of scheme assets, value for money, appropriate decisions on converting private pension savings into a retirement income.

The Pensions Regulator will produce 11 principles for good quality defined contribution provision building on these six key elements.

Mulroy says: “We have tried to capture the principles in simple language, so the opposite should obviously be wrong. So, for example, we will say ’assets should be safeguarded’ the concept of assets not being safeguarded is obviously not right. “We will also outline a couple of principles about charging around transparency and simplicity.”

While the amount providers charge on pension products has inevitably grabbed the headlines in recent weeks, the regulator is equally focused on the costs incurred by providers. Mulroy says: “. We need to get disclosure of what it is costing because we do not have a proper comparative market. Getting to that point is not going to be easy but it is absolutely doable.”

Whatever kind of provision you have made for retirement Independent Financial advice from reputable IFA’s like Enable of Bishop’s Stortford can help put your mind at rest.

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