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Regulator announces costs review

Regulator announces costs review

Mark Dunne
Friday 10th November 2017

The Pensions Regulator (TPR) has launched a probe to discover if trustees of smaller pension schemes are doing enough to provide good outcomes for their members.

The regulator wants to know if pension scheme guardians are making adequate assessments of the charges their members pay.

TPR has announced this review due to concerns that many trustees of smaller schemes are not properly assessing if the charges members pay represent good value.

The probe will review assessments made by the chairs of 100 small and mirco schemes with the findings scheduled to be published in the summer of 2018.

TPR acting executive director of regulatory policy Anthony Raymond said poor value for members is one of the key risks trustees need to manage.

“From our research and experience we believe that many small and micro schemes are failing to meet our expectations by providing a quality assessment of how their charges represent value for members,” he added. “We are conducting this thematic review to better understand this position.

“We are concerned about a tail of sub-scale pension schemes and strongly believe that it is unacceptable to have two classes of DC pension saver – those that benefit from the premium of scale and good governance and administration, and those that do not.”

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