Regulation aimed at improving the governance of occupational pension schemes has left the sector "regulated to the lowest common denominator" with a "prescriptive and micro-managerial approach".
Moreover, this has caused trustees to take a "more risk-averse and compliance-led approach", and dampened innovation and switching in occupational pensions. This is what the Pensions and Lifetime Savings...
More needs to be done to speed up DB to DC transfers but, as Jonathan Stapleton says, more also needs to be done to protect members.
The Pensions Ombudsman (TPO) took on 2,566 early resolution cases in 2018/19 after onboarding a team from The Pensions Advisory Service (TPAS), according to its annual report and accounts.
The lifeboat fund is in a good position despite reserves taking a £0.6bn hit. But the ramifications of the EU judgment on member compensation is an area of concern for CEO Oliver Morley, writes Stephanie Baxter