The influential trade body National Association of Pension Funds (NAPF) has renewed its call for a single regulator and has requested the government to entrust the responsibility of regulating GPPs and stakeholder pensions to the Pensions Regulator from FSA.
NAPF has renewed its call for a single regulator in the consultation on ‘defined contribution pension provision’ initiated by the Pensions Regulator.
“The FSA’s responsibilities for group personal pensions and stakeholder pensions, including point of sale regulation, should transfer to the Pensions Regulator”, the NAPF said.
“Prudential regulation for insurance companies and pension providers would remain with the new Prudential Regulatory Authority” added NAPF.
The trade body has also been pushing the regulator to make low management fees “a key priority” ahead of automatic enrolment.
In order to make low management fees viable, it suggested of establishing multi-employer super trusts, which will ensure “scale and stronger governance” for defined contribution pensions at workplace.
The regulator may seek further opinions later this year on specific topics although the initial consultation period has closed on April 22.