Pensions - Articles - Fidelity comment on Regulator's DC consultation

 Commenting on the Pensions Regulator's consultation on delivering good quality DC schemes, Richard Parkin, Head of Proposition, DC & Workplace Savings at Fidelity Worldwide Investment says:

 "We welcome tPR's consultation on delivering good quality DC schemes. The focus on DC member outcomes is exactly what we need if we want to ensure auto enrolment and DC saving is a success. While some might argue that there is limited detail behind some of the proposals, the regulatory guidance is clear and the general principles are well understood in the industry.

 "In particular, we are delighted that tPR has recognised that the regulatory regime for contract-based pensions is comprehensive and delivers many of the principles already. The claim by some, that trust-based plans are the only viable scheme type is flawed and demonstrates a naivety as to what makes a good DC pension scheme. We hope that the focus can move on from this sterile debate towards making sure we deliver decent retirement outcomes for the millions of savers who now rely on DC pensions.

 "Good governance is a key part of any pension arrangement and we do not consider this is the sole preserve of large, trust-based plans. We are hopeful that this guidance will allow employers to be confident that they are offering a good quality pension plan regardless of the type of scheme they choose."