The Pensions Regulator has warned that although auto-enrolment has made an encouraging start, many of the biggest challenges lie ahead as it helps medium and small employers to comply.
To aid these preparations, the Pensions Regulator will be contacting employers, providing tools and information suited to their needs and working with intermediary and adviser groups to build understanding.
Bill Galvin, chief executive of the Pensions Regulator said that in partnership with the Department for Work and Pensions and the Financial Conduct Authority, it will work with the pensions industry to encourage the provision of quality defined contribution pensions that can deliver good outcomes for auto-enrolled workers.
He said: “We will also look to make it as easy as possible for employers to choose good pension schemes for their employees.”
In its strategic approach to regulating defined benefit and DC schemes, published today (21 May), the Pensions Regulator said it is working with DB schemes to help them put in place funding solutions that balance the need to provide security for members with the needs of employers, given current economic pressures.
Michael O’Higgins, chair at The Pensions Regulator, said: “We are working with DB schemes to help them put in place funding solutions that balance the need to provide security for members with the needs of employers, given current economic pressures. We will also consult later in the year on a new funding code of practice, and on our approach to regulating DB schemes.
“This work will be informed by our new statutory employer growth objective, recently set out in draft legislation.”
Furthermore, the Pensions Regulator has appointed David Farlow as its new executive director covering transformation, operational support, finance, human resources, information technology and procurement.
Mr Farlow succeeds Stuart Weatherley, who left the regulator at the end of the financial year after six years in the post.
