Stakeholder update from the Pensions Regulator
07 July 2014
The Pensions Regulator’s latest stakeholder update contains some interesting updates on auto enrolment compliance and DB schemes as well as other topics.
Here is the latest quarterly Stakeholder update from the Regulator:
Our busy year has continued as we've finalised the new DB code and laid it before Parliament. The code represents a significant change in our approach to DB schemes, together with our new regulatory strategy and funding policy. You may also have seen our research report on the costs of running DB schemes and the comparison tool we made available for schemes to compare their running costs. We've had good feedback on this method of laying out the impact of costs on schemes.
You may have seen our first automatic enrolment-specific section 89 report. We hope employers will learn from the lessons of this case, making noncompliance less likely in future. We are continuing to develop our regulatory and communication strategy for automatic enrolment, working with the industry, employers and professional bodies to ensure small and medium employers are fully aware and understand their automatic enrolment duties.
This quarter also saw the publication of our Corporate plan which set out our strategic focus for the next three years, as well as our priorities for the year ahead.
News round up
First automatic enrolment section 89 report
Our first automatic enrolment section 89 report highlights key lessons to help employers avoid non compliance. The report sets out problems experienced by Dunelm Soft Furnishing Ltd and the actions we took.
Research shines a light on DC standards
A new guide which clarifies each regulator's approach, details areas of common ground, and addresses industry concerns that differences in the regulation of trust and contract-based DC pension schemes.
DBcode of practice and annual funding statement
Our draft DB code, which urges trustees and employers to work in a collaborative and transparent way to consider the impact scheme funding proposals may have on the employer's plans for sustainable business growth, was laid before Parliament. Subject to that process, it will come into force in the next few months.