Today (26 April) the Pensions Regulator has announced it is to publish a list of group personal pensions open to any employers seeking to comply with their auto-enrolment duties.
Last month, FTAdviser reported the industry’s scathing criticism of the Pensions Regulator over the issue, branding it’s website “unrepresentative” for failing to display a whole of market view of the pension industry.
Now, group personal pension plan providers which meet similar criteria to those independently reviewed master trusts already open to all employers and displayed on TPR’s website, will appear on a new list on the site.
According to the regulator, this will increase the choice of well-run schemes available.
The criteria for group personal plans to appear on the new list are intended to mirror, as far as possible, the criteria for master trusts.
As such, not only must group personal pension plans be open to all employers but providers will need to confirm that their independent governance committee or governance advisory arrangement has assessed the product on offer.
To appear on the list providers will have to be asked to be listed.
Eligible group personal pension plans must be open to all employers who wish to use it to comply with their auto-enrolment duties, regardless of projected membership numbers or contribution amounts.
The regulator is producing a checklist for providers to use when submitting information.
Executive director for regulatory policy at the Pensions Regulator’s, Andrew Warwick-Thompson, said: “Publishing a list of GPPs in addition to our list of master trusts is the right thing to do.
“We have always been clear that for the hundreds and thousands of small and micro employers preparing to comply with automatic enrolment, a well-run master trust or a group personal pension is the best choice.”.
“We look forward to hearing from GPP providers keen to appear on the new list as we strive to highlight the wide choice of well-run, scalable and sustainable schemes which are available to all employers. I anticipate GPP providers on the list will work hard to make their product as appealing to small and micro employers as possible.”
The Association of British Insurers’ list which also came under fire in recent months has not changed, and still does not include self-invested personal pensions.
These cannot be included because they are not members of the ABI.
ruth.gillbe@ft.com
