In her latest blog, Nausicaa Delfas, Chief Executive of The Pensions Regulator, reflects on the Pension Schemes Bill’s potential to reshape the pensions landscape. She highlights its power to drive consolidation and deliver better member outcomes while calling on the industry to uphold higher standards. Delfas also emphasizes the significance of the new guided retirement duty in completing the retirement support framework.
The blog sets out that the industry is at a “pivotal juncture” with the opportunity to embrace better data and technology, and that the quality of trusteeship must improve.
She notes that with bold new legislation comes greater responsibility for trustees, advisers and administrators whose decisions can impact the financial wellbeing of millions of savers.
She underlines the key traits that trustees must possess, first set out in her recent speech to the Pensions Management Institute, in which she announced TPR will launch a new strategy to bring trusteeship into line with other professions and corporate governance standards.
She says: “Everyone working in the pensions industry needs to be thinking now about their own role in making these reforms a success. The industry needs to adapt, evolve, rethink what it means to be a trustee, an administrator, an advisor. I am confident we will work together to complete the jigsaw and turn a vision of better outcomes for pension savers into a clear reality.”
