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TUC backs Select Committee call for workplace pension changes
Responding to the Work and Pensions Select Committee's report on improving governance and best practise in workplace pensions published today (Thursday), TUC General Secretary Frances O'Grady said:
'With millions more people saving into workplace pensions, this report rightly indentifies several key changes needed to prevent staff from losing out.
'The TUC supports the call for the government to ban deferred member and consultancy charges. We also share the select committee's concern that the government's 'pot follows member' approach to staff with savings moving jobs could be detrimental for consumers.
'The committee is also right to call for a rethink of the regulatory structure. The growth of auto-enrolment and the growing overlap between regulators means that a tougher but simpler structure will make it easier for good schemes to comply and harder for poor schemes to slip through the gaps.'
'One of the priorities for regulators must be to strengthen governance arrangements in DC pension schemes. We strongly support the committee's call for workplace governance committees in the absence of trustee oversight. Giving members a voice in how their scheme is managed should be a key objective.'
NOTES TO EDITORS:
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