Pensions Regulator Given ‘crucial’ Role
20 November 2007
The government has announced that the Pensions Regulator will be given responsibility to monitor the personal accounts pensions scheme to be launched in 2012.
Under the proposals, people who earn more than £5,000 will be enrolled into the work-based pension scheme.
According to the Department for Work and Pensions, the Pensions Regulator will have the task of ensuring that employers comply with regulations and automatically enrol their staff in pension schemes.
Minister for pensions reform Mike O’Brien said: ” 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.”
Despite welcoming the pensions bills in the Queen’s Speech recently, Chris Cummings, director general of the Association of Mortgage Intermediaries, said the organisation was concerned with a “lack of access” to information about personal accounts.
Mr Cummings claimed that the introduction of the scheme was “necessary” to boost pension provision in the UK.
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