Marvin OnumonuThe Pensions Regulator (TPR) has welcomed the new Pension Schemes Bill, calling it a “once in a generation” chance to improve the UK pension system.
Nausicaa Delfas, CEO of TPR, said: “The Pension Schemes Bill is a once in a generation opportunity to address unfinished business in the UK pension system.
“Making sure all schemes are focused on delivering value for money, helping to stop small, and often forgotten pension pots forming, and guiding savers towards the right retirement products for them, will mean savers benefit from a system fit for the future.
“We have long advocated for fewer, larger well-run schemes with the size and skill to deliver better outcomes for savers.
“As such we are also pleased to see the proposed legislative framework for DB superfunds, providing options and choice in defined benefit consolidation.”
Additionally, Delfas welcomed the Government’s ‘Workplace Pensions – a roadmap’ document, calling it a strategy for a futureproofed private pensions system.
