The Pensions Regulator (TPR) has published a guide to help employers, trustees and providers deliver good outcomes from defined contribution (DC) pension schemes.
The guide, Enabling a good member outcome in DC pensions, includes a list of features that represent its current view of the core components of a DC scheme that are most likely to result in a better income for savers at retirement. The list has been developed following a series of discussions with the pensions sector during the early part of 2012.
TPR has also published a tool to help employers check whether their existing DC scheme meets the minimum criteria for auto-enrolment.
It has also published a leaflet, Selecting a good automatic enrolment scheme, that sets out a number of questions that employers should be asking advisers and providers when they are selecting a pension scheme for auto-enrolment.
Bill Galvin, chief executive at The Pensions Regulator, said: “It's important that employers and retirement savers have confidence that their chosen scheme is likely to deliver good outcomes.
“With these principles and features, we want to support the industry in demonstrating to employers and members that schemes are well designed and governed. These will also form an important part of our regulatory approach. We will consult formally on that in 2013.
“In the meantime, we hope that those responsible for designing and running schemes to be used for automatic enrolment will take these principles and features into consideration.”
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