date: 9 January 2012
embargo: 00.01hrs Thursday 10 January 2013
The TUC has welcomed the consultation on setting standards for DC pensions, published today (Thursday) by the Pensions Regulator.
TUC General Secretary Frances O'Grady said: 'With millions of workers due to start saving in pensions for the first time, as auto-enrolment works its way through the workforce, this consultation is very timely.
'With initial contributions so modest, it's vital that every pensions pound saved works as hard as possible. The Regulator is right to stress the importance of scale, good governance and charges.
'We particularly welcome the focus on pensions company sponsored mastertrusts where there are real concerns about conflicts of interest. Many of these were set up to exploit the loophole that allows employers to get their contributions back through short-service refunds - but this runs completely counter to the interests of members.
'This consultation is a further step towards improving DC pensions. With ministers choosing a pot-follows-member approach to small pots, it is more vital than ever that every DC scheme is of the highest quality.'
NOTES TO EDITORS:
- All TUC press releases can be found at www.tuc.org.uk
- Follow the TUC on Twitter: @tucnews
Rob Holdsworth T: 020 7467 1372 M: 07717 531150 E: email@example.com
Issued: 10 January, 2013