UK - NAPF plans to set up a special forum for defined contribution providers have received a cautious welcome.
Chairman Terry Faulkner told IPN’s sister publication, Professional Pensions, that the association hoped to assemble as many DC scheme members as possible for the forum.
He wants them to tell the NAPF exactly where they believe the association is failing them and receive direct answers to their questions.
He said: “Clearly, from some of the comments I’ve read in your illustrious magazine, some members don’t think that we’re considering DC plans as fully as we actually are.
“There’s clearly an explanation gap that’s not being met and we have to understand what that gap is.”
But EMAP group benefits director Ralph Turner suggested there could be resistance from within the NAPF that could scupper any recommendations made by the forum.
He said: “I welcome this move, but there needs to be a fundamental shift in the key committees.
“Whether Terry is prepared to go that far remains to be seen.
“It’s the right move, in the right direction, and I’m sure it will result in some good thinking. But it’s what the NAPF does with it – that is the question.”BT Retirement Plan scheme secretary Colin Hartridge-Price disagreed. “With the proliferation of DC schemes this seems sensible, and it’s a way to address their concerns.
“The NAPF council does – as far as representation goes – have representatives from the larger schemes and this is something that the NAPF is looking at. But the people who get appointed are representative of the voting populace.”
Next Group pension scheme manager John Stevenson and ICI international benefits director David Birtwistle both welcomed the move and described it as a “step in the right direction”.
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.