Galvin: a big year for the industry and the regulator

The Pensions Regulator chief executive Bill Galvin sets out the three main challenges facing the watchdog in 2012.

They are working with employers on auto-enrolment, regulating the predominantly defined contribution vehicles into which people are automatically enrolled, and shifting the emphasis of defined benefit regulation.

On auto-enrolment, Galvin believes the regulator is "in a good place" in terms of awareness for large employers, but needs to pick up the pace now the government has published its revised staging dates.

"Preparing the employers, preparing the industry that's going to advise them and preparing provider landscape to support them - that's a really big communications and enablement challenge," he says. "And we have to build an infrastructure round the registration process."

The watchdog also has a difficult task in helping employers to ensure that the schemes in which they auto-enroll staff give them the best chance of achieving good outcomes, he adds.

Turning to defined benefit issues, Galvin says the difficulties in agreeing recovery plans in tough economic conditions could place a greater emphasis on the role of the regulator.

"The opportunity for the regulator to help people understand what we think is important in terms of valuations and recovery plans and how to engage with us through that process is an important one," he says.

For the full interview, click here.