Embedding the six principles of good design and governance into auto-enrolment products
Our ongoing dialogue with key providers, advisers and industry representatives from the defined contribution (DC) pensions market is giving us valuable insight into how the industry feels it can embed our six principles of good design and governance into the products used for auto-enrolment. It has also highlighted a range of perspectives and options for how the Regulator might ensure adherence with those principles in the longer term.
This dialogue has been carefully focused on ensuring that the unique characteristics of each segment of the market (micro schemes, large employer sponsored schemes, contract based schemes, multi-employer schemes and small and medium schemes) have been considered individually and as part of the future pensions landscape as a whole.
As we analyse the feedback and start to put more detailed plans in place, we are working hard to ensure that we have access to the most up to date experience and skills in the DC market. We believe that this makes it the ideal time to remind industry of our secondment opportunities. In the coming months we will be offering a number of secondments to professionals with experience of setting up, running and closing DC pension schemes.
For many years now the Pensions Regulator has been offering secondment opportunities. These enable pensions professionals to spend time with us and learn about how we work and how we approach the various important objectives we have been set. But secondments are also important in helping us to learn and ensure that we are aware of current thinking and practice among those we regulate.
Since 2005 we have taken on board over 100 industry secondees. These have spanned many teams within the Regulator and have included business analysts, actuaries and lawyers in our defined benefit team, and accountants and lawyers in our DC team.
The latest opportunities will help us to strengthen our existing team and ensure that our understanding of the DC market is up to the minute and our decisions are based upon current practice.
To find out more about secondee opportunities with the Regulator, visit www.tpr.gov.uk/about-us/current-secondment-opportunities
Author: Pensions WorldPensions World is the leading monthly magazine for pensions professionals published by LexisNexis.