With the increasing burden that defined benefit pension schemes have had on employers, and the introduction of the catalyst that is automatic enrolment, a dramatic rise in defined contribution (DC) pension schemes was somewhat inevitable. Now that DC is firmly under the spotlight, concerns have emerged about the need to achieve good member outcomes across DC workplace pension scheme (which encompass both occupational and personal pension schemes).
This has led to the introduction of various governance measures by the Department for Work and Pensions and the Financial Conduct Authority (FCA) for DC workplace pension schemes. These measures are broadly described below.
In addition, various measures limit costs and charges, such as bans on member-borne commission arrangements, consultancy charging, and active member discounts, as well as caps on charges for default funds and early exit charges. This helps to ensure value for members. For further information, see Costs and charges—overview.
Key governance requirements for DC occupational pension schemes that are relevant schemes (effectively schemes offering money purchase benefits, subject to some exceptions) include mandating the appointment of a chair on trustee boards....
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