Defined-contribution pension reform — DWP confirms charge-capping measures and quality standards
On 27 March, the Department for Work and Pensions (DWP) outlined in its ‘Command Paper: Better workplace pensions: Further measures for savers’ new quality standards and charge-capping measures. This will affect those involved with defined-contribution (DC) contract and trust-based schemes. The consultation closed on 15 May 2014.
The key proposals include the following changes for DC pension schemes:
- For those running DC schemes from April 2015, there will be a minimum quality standard. The purpose of this is to ensure the people running and implementing such schemes take into account the quality of the scheme and prioritise members’ interests. For trust-based DC schemes, the requirements will be implemented under regulations which will be enforced by the Pensions Regulator. With regard to contract-based schemes, the Financial Conduct Authority (FCA) will oversee the implementation and enforcement of quality standards…
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