Publication
Pensions Regulator outlines key challenges to transforming DC schemes into "full-service providers"
United Kingdom | Publication | November 2023
In a blog post published on November 15, 2023, the Regulator outlined its strategy to transform UK workplace DC schemes into "full-service providers" that will provide support to members when saving into a pension, accessing their savings and post-retirement.
The Regulator acknowledged that some DC scheme trustees do not have the skills, capability, or appetite for this outcome, and urged them to ask themselves "tough questions" and consider consolidation in savers' interests.
The blog refers to the Regulator's five principles on "what good looks like" to guide this transformation. These are: maximising value for money; mitigating risks; offering personalised decumulation options; and providing comprehensive saver support in the lead-up to, and during, decumulation and post-retirement. Some key challenges in turning these principles into a reality include:
- Assessing value for money in decumulation services - the focus should be on a holistic assessment of value rather than cost alone.
- Increasing range of products – work is progressing on bringing CDC schemes to the market, including decumulation-only models in due course.
- Managing multiple small DC pension pots - ahead of any long-term options from government, the Regulator would like schemes, including master trusts, to encourage pot consolidation.
Recent publications
Publication
The GCR Guide to Life Sciences – Product denigration
Marta Giner Asins and Arnaud Sanz of our Paris office are the authors of a chapter on product denigration that has been published in the third edition of the Global Competition Review’s The Guide to Life Sciences.
Publication
The GCR Guide to Life Sciences – Merger control: Procedural issues
Miranda Cole, Julien Haverals and Emma Clarke of our Brussels/ London offices are the authors of a chapter on procedural issues in merger control that has been published in the third edition of the Global Competition Review’s The Guide to Life Sciences. This covers a number of significant procedural developments that have affected merger review of life sciences transactions.
Subscribe and stay up to date with the latest legal news, information and events . . .