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Author: Great Britain: National Audit Office Publisher: The Stationery Office ISBN: 9780102951219 Category : Business & Economics Languages : en Pages : 60
Book Description
Some 20 million people in England and Wales have private sector work-based pension schemes. The Pensions Regulator was established in April 2005 to regulate these schemes, replacing the Occupational Pensions Regulatory Authority (Opra), with the statutory objectives to protect members' benefits, to promote improved governance of such schemes, and to reduce the risk of compensation being paid out by the Pension Protection Fund. This NAO report examines the regulatory approach taken and whether this addresses the key risks, given that any conclusions on the effectiveness of pensions regulation must be set in the long term context rather than based on shorter term fluctuations. Findings include that the Pensions Regulator has made good progress in establishing a sound risk-based approach to regulation, with clear links between its statutory objectives and its operational approach. As the regulator matures, it has the scope for a presumption of further transparency in its approach, and is taking steps to increase the information it makes available to the pensions sector. The report sets out a number of recommendations for further progress, bearing in mind that risks in the pensions environment can change quickly.
Author: Great Britain: National Audit Office Publisher: The Stationery Office ISBN: 9780102951219 Category : Business & Economics Languages : en Pages : 60
Book Description
Some 20 million people in England and Wales have private sector work-based pension schemes. The Pensions Regulator was established in April 2005 to regulate these schemes, replacing the Occupational Pensions Regulatory Authority (Opra), with the statutory objectives to protect members' benefits, to promote improved governance of such schemes, and to reduce the risk of compensation being paid out by the Pension Protection Fund. This NAO report examines the regulatory approach taken and whether this addresses the key risks, given that any conclusions on the effectiveness of pensions regulation must be set in the long term context rather than based on shorter term fluctuations. Findings include that the Pensions Regulator has made good progress in establishing a sound risk-based approach to regulation, with clear links between its statutory objectives and its operational approach. As the regulator matures, it has the scope for a presumption of further transparency in its approach, and is taking steps to increase the information it makes available to the pensions sector. The report sets out a number of recommendations for further progress, bearing in mind that risks in the pensions environment can change quickly.
Author: Great Britain: National Audit Office Publisher: The Stationery Office ISBN: 9780102977219 Category : Business & Economics Languages : en Pages : 52
Book Description
This report on the regulation of defined contribution pensions concludes that there is insufficient accountability to ensure that the regulatory system delivers value for money. The report highlights the taxpayer's substantial interest in the effectiveness of pension regulation. In 2010-11, tax relief for employer-sponsored defined contribution schemes amounted to an estimated £8.5 billion. The trend towards defined contribution schemes increases longer-term risks to the taxpayer, as members are on average likely to achieve considerably lower levels of retirement income than those with predominantly defined benefit pensions, and the state is ultimately liable for providing a basic income for the elderly. The Pensions Regulator regulates all work-based pension schemes and shares responsibility for regulating some of these schemes - so-called contract-based schemes - with the Financial Services Authority. The Regulator has adopted a sound approach of aiming to regulate in a targeted, proportionate and risk-based way, and that its evidence base is improving, as is the administration of schemes. However, The Pensions Regulator's current system of performance measurement does not make it possible to judge whether the Regulator is effective in protecting members' benefits, which is one of its strategic objectives. There is no single body leading on regulating schemes, setting objectives or measuring performance. The lack of a joined-up approach also means that there is insufficient basic information available about the market, such as definite numbers of scheme members or the levels of fees and charges they face.
Author: Great Britain: Parliament: House of Commons: Committee of Public Accounts Publisher: The Stationery Office ISBN: 9780215514684 Category : Social Science Languages : en Pages : 40
Book Description
This fifteenth report from Committee of Public Accounts, in the 2007-08 session examines "The Pensions Regulator: progress in establishing its new regulatory arrangements" (HCP 122, ISBN 9780215514684). An earlier report from the NAO is also available, see (HCP 1035, session 2006-07, ISBN 9780102951219). Some 4 million people are still active contributors to work-based pension schemes (final salary schemes), with approximately some 20 million people having at some point contributed to such schemes with the value of the managed funds exceeding £700 billion. The Pensions Regulator (TPR), established in 2005, took over regulatory responsibility for such schemes. The Committee states that the TPR has acted to put the regulation of such schemes on a firmer footing, taking greater account of risk and possesses stronger powers to obtain information and intervene to protect members' benefits. The Committee also states though that the TPR has made a slower start in the regulation of money purchase schemes with room for improvement in the standards of scheme governance and communication with members. Further work is also required to improve the information held by the TPR about schemes and make use of that information to effectively regulate individual schemes.
Author: Gerard Hughes Publisher: Springer Science & Business Media ISBN: 1475767897 Category : Business & Economics Languages : en Pages : 162
Book Description
This book deals with the role of the State in pension provision as an employer, regulator and provider. Part I deals with problems and reforms of public sector pension systems in OECD countries. The countries covered are Denmark, Finland, Germany, The Netherlands, Norway, and the USA. Part II considers the regulation of occupational pension schemes in The Netherlands and the United Kingdom, and whether there is still a role for the State in providing earnings-related pensions in the United Kingdom. Part III presents demographic projections for the next half-century, using Ireland as an example, looks at some of the options which have been used in Finland, and proposed in the United States, to cope with population ageing, and examines issues of intergenerational equity which are posed by these options. All the chapters deal with recent reforms. The chapters are written by acknowledged experts in their field who are independent of both the pensions industry and Government. Hence the chapters provide an informed critical account of current developments in relation to the reform of occupational pension schemes in the public sector and of the debate about the State's role as a regulator of private pension schemes and a provider of pensions based on the social insurance principal. The book is important as a source of information about pension schemes in OECD countries. It shows that there is not a unique model of occupational pension provision for public sector employees and that the pension benefits which are provided in different countries are quite variable. It also shows that public sector occupational pension systems have changed and are in the process of considerable further change in a number of OECD countries.
Author: Great Britain: National Audit Office
Author: Great Britain: National Audit Office
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Author: Great Britain: National Audit Office
Author: Great Britain. Pensions Regulator
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Author: Great Britain: Parliament: House of Commons: Committee of Public Accounts
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Author: Great Britain. Pensions Regulator
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Author: Gerard Hughes