In the June 2014 edition of Pensions Pieces, we featured an article about the DWP's proposals to improve the quality of workplace defined contribution pension (DC) pension schemes1 and this further consultation follows from that, covering:
- the introduction of new legal governance requirements for occupational DC pension schemes, including those dealing with trusteeship issues and new quality standards;
- transparency of costs and charges; and
- how the Pensions Regulator ('the Regulator') and the Financial Conduct Authority ('FCA') will continue to oversee occupational and workplace personal pension schemes (respectively).
There is also an implementation timetable which sets out the programme for reform, which confirms the Government's intention to lay regulations on these measures for Parliamentary approval in early 2015.