Pensions - Articles - Hymans Robertson comment on DC standards report from TPR

 Commenting on the report which was published yesterday, Rona Train, partner at Hymans Robertson says: “Unsurprisingly, this report shows governance standards in larger schemes remains better than those in smaller schemes. However it’s encouraging to see that there seems to be some evidence of improvement in smaller schemes knowledge of the standards with a jump from 89% to 97% in smaller scheme awareness.

 “What is concerning is that the report finds that 25% of master trusts don't fulfil the knowledge and understanding requirements of the code. This demonstrates the urgent need for TPR to move forward with greater regulation of master trusts in the coming months.

 “Throughout the report the answers from hybrid schemes are not as coherent as the answers from DC schemes, it also shows that 2% of large hybrids have not heard of the governance standards, which begs the question whether enough time is spent by hybrid schemes on DC? Clearly this shows a need for hybrids schemes to create a proper governance structure which devotes enough time to DC going forward.”