UK - Watson Wyatt has welcomed the Pensions Regulator's (TPR) guidance on contract based pension engagement, but warned plan providers could do more to improve members' benefits.
Gary Smith, senior consultant, Watson Wyatt, said the guidance highlighted potential advantages of adopting some form of employer governance.
Smith added: "Over recent years we have helped our clients set up and run numerous forms of governance structures around their contract-based schemes and have seen first hand examples of very real and tangible benefits, frequently involving financial cost savings."
He concluded, however: "Providers could be doing much more to help employers and improve the experience of members."
TPR said the guidance would allow employers to consider the engagement options open to them.
Toby Hobman, chief executive, said: ""Many employers have already put in place voluntary governance arrangements as they see them as beneficial for both themselves and members.
"This guidance is designed to support employers who choose to be involved in the governance of the scheme by identifying options and sharing case studies."
In addition, TPR has issued a defined contribution update detailing current progress towards meeting the organisation's commitments in relation to work-based DC schemes.
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