The minister for pensions reform, Mike O’Brien, went on record today to reveal that the Pensions Regulator will monitor new Personal Accounts to make sure that employer meet new criteria that commits them to automatically enrolling staff into sufficient quality pension schemes.
The new personal accounts legislation will be governed by the pensions regulator, who O’Brien said is well-placed to perform this role. O’Brien reportedly commented: "It currently does an excellent job protecting pension scheme members while also demonstrating sensitivity towards the needs of businesses. I am confident the pensions regulator can continue to perform this excellent service and handle the new personal accounts scheme with no detrimental effect to its existing role. Working with the pensions regulator we will put in place a simple, proportionate compliance regime which ensures employers meet their obligations without imposing any unnecessary burdens."
The chairman of the pensions regulator, Mr. David Norgrove, reportedly commented: "We welcome the confidence in us shown by choosing us to undertake this task, which will be central to the success of personal accounts."
Pensions reform role for pension regulator
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