Analysis by The Pensions Regulator (TPR) shows the Financial Services Authority’s (FSA) contract-based pension rules and guidance align in many ways with its defined contribution (DC) quality features.
The analysis was published to coincide with TPR’s consultation on DC standards for occupational trust-based pension schemes, which was launched on 10 January.
A final version of the analysis is expected to be published in Spring 2013. TPR and the FSA, and its successor bodies the Financial Conduct Authority and the Prudential Regulation Authority, will work together to agree joint-working protocols to determine how breaches of the law should be handled between regulators. Further information about their operational interaction will be published later this year.
Martin Wheatley, managing director at the FSA and chief executive designate of the FCA, said: “We welcome this publication from the Pensions Regulator, and are pleased that the initial analysis confirms that there is good alignment between the regulator’s quality features and our requirements.
“We enjoy a good working relationship with the regulator and we will continue to work with them to develop this analysis further.”
