Pensions - Articles - TUC comment on OFT's DC decision

 Commenting on the decision by the Office of Fair Trading (OFT) not to refer the defined contribution (DC) pensions market to the Competition Commission, TUC General Secretary Frances O’Grady said:

 “The OFT’s indictment of the DC pensions market was damning. To then decide that such overwhelming market failure will now be voluntarily cleaned up without a reference to the Competition Commission may well prove to be a triumph of hope over experience.

 “Expecting competition alone to guarantee good consumer outcomes is a mirage. Pensions will only work for employees when we get the right mix of competition, effective regulation and good governance.

 “The best guarantee is ensuring that pension schemes are run by trustees exclusively in the interests of their members.”