The Pensions Regulator is ramping up its efforts to help guide small and micro employers through auto-enrolment and has published a list of approved mastertrusts, as 1.3m organisations prepare for their staging dates.
In the latest of our Policymakers & Decision-makers video series, the watchdog’s chief executive Lesley Titcomb said the regulator had published a guide for smaller employers to help them choose an auto-enrolment provider, as well as updating other online tools.
Watch the video here...
Edited by Daniel Scanlon. Filmed by Rod Fitzgerald and Nicola Stansfield.
“Most significantly we’re publishing a list of schemes that have mastertrust assurance, which is a quality mark which has been developed with the [Institute of Chartered Accountants in England and Wales] in conjunction with ourselves,” she said.
“Schemes can apply to be audited to show they’re meeting an appropriate standard.”
Titcomb added existing frameworks had to be brought together and guidance developed for auditors in order to be able to assess whether providers meet the required standards.
“That standard means that we know exactly who should be on the list and who shouldn’t be on the list,” she said.
DC code
Titcomb said the regulator would also continue to monitor developments on pension flexibility and will bring together its work with a survey being carried out by the Financial Conduct Authority.
She added: “We are conducting a series of visits to some of the larger multi-employer schemes and mastertrusts to actually talk to them about what they’re offering, what their plans are, how they’re set up and how they’re managing the risks in offering these options to their members.”
That standard means that we know exactly who should be on the list and who shouldn’t be on the list
Lesley Titcomb, Pensions Regulator
Titcomb said the speed at which the reforms came into effect left a lot of “loose ends” and the regulator has started to revise the defined contribution code.
“We think we can focus on consolidating all that within a short, punchy code and then with some helpful guidance to trustees on the operation of that code, so we’re kicking off with work on that now,” she said.
Single regulator?
Titcomb emphasised the watchdog’s priority was on working with other other regulatory partners such as the FCA and the Prudential Regulatory Authority.
“At the moment, the single regulator question is not one of our priorities,” she said. “We’re far more concerned with ensuring that 1.3m small and micro employers get their staff enrolled in a pension.”
To watch the video in full, click here...
Edited by Daniel Scanlon. Filmed by Rod Fitzgerald and Nicola Stansfield.
