Pensions - Articles - Royal London and PASA comment on FCA and TPR strategy

 Steve Webb, Director of Policy at Royal London said: “It is a good sign when regulators work together to make sure that they are pulling in the same direction. All too often government and regulators investigate individual financial products or specific points in people’s lives such as retirement. These plans are helpful because they will look at the whole of our ‘pensions journey’ - from starting work and being enrolled into a pension, through building up a pension pot and making choices at retirement and through retirement. This should help them to see the bigger picture and produce better outcomes in the long term”.

 Kim Gubler, Deputy Chair of PASA: “It’s pleasing to see the FCA and TPR focusing on administration as a key risk area in delivering better outcomes for members. The issue of data continues to act as an inhibiter to improvements in governance. PASA’s DC Guidance and our Data work is designed to support trustees and other fiduciaries in improving this by helping them understand the impact both data and good administration has. Our work on creating a smoother process for DB transfers is ongoing.”