Key points in the statement include:
* We want trustees to do their best to help members who are retiring make the right choices about their savings and we have a particular focus on improving the standards of pre-retirement processes and member communications;
* We encourage employers to engage responsibly with employees about pension arrangements;
* Our aim is to ensure higher standards for DC pensions along with a minimal additional regulatory burden.
To help trustees ensure high standards in pre-retirement literature, we have updated our member leaflet on retirement choices. The leaflet describes the range of options available to a member approaching retirement, including annuity types and other alternatives. We are also reviewing standards of pre-retirement literature and processes in a sample of schemes.
Today we have published our first analysis of the DC trust-based landscape, 'DC Trust: A presentation of scheme return data' giving a snapshot of the current shape of DC trust-based provision. This builds on work carried out over the past three years to analyse the shape of the trust-based DC landscape and the risks facing DC schemes. This complements the Purple book to give the most comprehensive view of the trust-based pensions landscape to-date.
The Pensions Regulator, chief executive Tony Hobman says: "It is more important than ever in these challenging economic times for members to make the right decisions to maximise value for money at retirement.
"We know that our work on DC will enable trustees, employers, advisers and providers to improve the outcomes for DC scheme members. In the run-up to 2012 we are focusing on providing more education to assist employers with their pension provision and are looking at the standards in key processes for DC pensions. We are willing to enforce better practice, if we need to."
To view the statement:
http://www.thepensionsregulator.gov.uk/pdf/DCStatementJuly2009.pdf
To view the member leaflet on retirement choices:
http://www.thepensionsregulator.gov.uk/pdf/MakingYourRetirementChoicesJuly2009.pdf
To view the DC trust landscape:
http://www.thepensionsregulator.gov.uk/pdf/DCTrustJuly2009.pdf
Media relations
The Pensions Regulator
amediarelations@thepensionsregulator.gov.uk
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