Helen Ball, partner at Sackers, said: “We welcome TPR’s approach to creating a single, comprehensive CDC code as this will make it easier to follow and apply in practice."
Sarah Pritchard, deputy CEO at the FCA, said: "By working with the Government and TPR, we will help secure better returns for pension savers."
Nausicaa Delfas said: “It’s important that new models provide security and value, and we welcome views on our consultation to make sure that balance is right.”
There were 200 public sector schemes with 19,784,000 members and 5,060 private sector schemes with 9,174,000 members.
Julian Lyne, executive director of market oversight at TPR, said: “High-quality administration is fundamental to delivering good outcomes for savers."
The Pensions Regulator has agreed a package of measures to protect more than 13,000 members of the Northern Foods Pension Scheme following concerns over covenant weakening.
All members have now moved to the ITV Pension Scheme and will receive full scheme benefits and back payments.
The survey found that 73% of defined contribution schemes did not offer any benefit options at retirement.
Patrick Coyne said: “We have to solve the small pots problem, and this report highlights how fragmentated the DC pensions landscape really is."
Gaucho Rasmussen said: “This case illustrates our commitment to protecting members and targeting our actions to have the most impact."
Patrick Coyne, interim director of pensions reform at TPR, said: “Millions could be drifting toward an uncertain retirement."
The Pensions Regulator (TPR), the Fraud Compensation Fund (FCF), The Pensions Ombudsman (TPO) and Dalriada Trustees confirmed today (19th August) that £81.5m has so far been paid to 58 pension schemes whose members were defrauded by scammers.