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TPR tells smaller schemes to ‘do more’ as decumulation product offerings improve


By Jack Gray

An increase in decumulation options offered by defined contribution (DC) schemes has highlighted a ‘fundamental shift’ from a savings system to a pensions system, and smaller schemes should act or consolidate, according to The Pensions Regulator (TPR).

The regulator’s study of the occupational DC market found that 13.4 million members were in DC schemes that offered drawdown at retirement, with larger schemes “leading the way” in supporting members when they reach retirement


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Govt to accelerate consolidation as small schemes face cost and governance challenges - Bell

The government will continue to drive consolidation in the pensions sector as smaller schemes face higher costs, governance challenges, and a limited ability to invest in a wider range of assets, Pensions Minister, Torsten Bell, has said

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Industry raises trustee independence and conflicts of interest concerns

Figures from across the pensions industry have responded to the Department for Work and Pensions’ (DWP) consultation on trusteeship and governance, raising concerns about the independence of trustees and potential conflicts of interest as the market evolves and consolidates

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Forward-looking VFM metrics risk ‘misleading’ pension savers, industry warns

Industry respondents have urged the government and regulators to refine aspects of the proposed Value for Money (VFM) Framework for pensions, warning that certain measures could distort comparisons between schemes and risk unintended consequences for savers

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Pensions regulation could be ‘unfit for purpose’ within a decade

The UK’s pensions governance and regulatory framework could become “unfit for purpose” within the next decade as consolidation reshapes the defined contribution (DC) market, a paper published by the Social Market Foundation (SMF) has warned

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DC default strategies shift towards growth as retirement behaviours evolve

Default investment strategies used by major defined contribution (DC) master trusts have become increasingly growth-focused over the past five years, as providers adapt to how savers now access their pensions, analysis from Isio has revealed

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TUC calls for greater worker representation on trustee boards

Workers should have more say in how their pensions are governed through mandated member representation on pension trustee boards, the Trades Union Congress (TUC) has argued

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