date: 11 July 2012
embargo: for immediate release
Commenting on the National Audit Office (NAO) report into regulating defined contribution (DC) pension schemes, TUC General Secretary Brendan Barber said:
'We welcome the NAO report. The number of people saving in DC pensions will rocket after auto-enrolment and it's important that every pound saved works as hard as possible.
'The NAO is right to focus on charges. The government should use its powers to limit charges on schemes that qualify for auto-enrolment.
'As the report makes clear, the current regulatory system is not sufficiently geared towards protecting member benefits, especially in contract-based DC schemes, and the Pensions Regulator is therefore struggling to fulfil its statutory objectives.
'We support the NAO call for a co-ordinated, evidence-based approach to measuring performance and assessing risk in DC schemes which involves the Treasury and the FSA, as well as the DWP and the Pensions Regulator.'
NOTES TO EDITORS:
- The NAO report is available athttp://bit.ly/NiLjBW
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Press release (400 words) issued 11 Jul 2012
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printed 25 May 2013 at 05:00 hrs by 184.108.40.206