Last month, Financial Advisor reported on the industry’s scathing criticism of The Pensions Regulator (TPR) over the issue, branding its website “unrepresentative” for failing to display a whole of market view of the pension industry.
Now Group Personal Pension plan providers which meet similar criteria to those independently reviewed master trusts already open to all employers and displayed on TPR’s website, will appear on a new list on the site. According to the regulator, this will increase the choice of well-run schemes available.
The criteria for Group Personal Pensions to appear on the new list are intended to mirror, as far as possible, the criteria for master trust. As such, not only must Group Personal Pension Plans be open to all employers but providers will need to confirm that their independent governance committee or governance advisory arrangement has assessed the product on offer.
To appear on the list providers will have to be asked to be listed. Eligible Group Personal Pension Plans must be open to all employers who wish open to all employers who wish to use it to comply with their auto enrolment (AE) duties, regardless of projected membership numbers of contribution amounts.
Andrew Warwick-Thompson, executive director for regulatory policy at TPR, said” Publishing a list of Group Personal Pensions in addition to our list of master trusts is the right thing to do. We have always been clear that for the hundreds and thousands of small and micro-employers preparing to comply with Auto-enrolment, a well-run master trust or a Group Personal Plan is the best choice”.
(FT Adviser, May, 2016)
Group Personal Pension Bristol
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