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The Pensions Regulator has announced that it will not be providing employers with a list of pension schemes online to help them choose a scheme.
The decision comes despite The Pensions Regulator (TPR) admitting that most of those who responded to their consultation in November 2014 were broadly positive that a published list would help employers to choose the right scheme for their staff.
Currently, the only scheme signposted from the TPR website is the government-backed scheme NEST.
Commenting on the decision Darren Philp, Director of Policy and Market Engagement at The People’s Pension, said:
“We believe this decision significantly jeopardises the success of auto-enrolment. The Pensions Regulator’s anti-competitive stance will limit choice for smaller employers and is a further leg up for the government-subsidised provider. The Regulator needs to urgently think again if it wants employers to have real choice and avoid fundamentally distorting the market by only signposting NEST.
“Our focus going forward will be to continue to work with advisers to help employers have real choice when it comes to choosing a pension. Our work so far has demonstrated the importance of advisers in making a success of auto-enrolment and taking the burden away from employers.
“The Regulator’s position also fundamentally calls into question its approach to regulating mastertrusts. The one scheme it will be signposting to has not yet undertaken its ICAEW assurance and the Regulator’s stance will mean those that have will call into question the usefulness of a voluntary framework.”