Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • October 2013
10

OFT DC recommendations 'could have gone further,' says NAPF

Open-access content Friday 1st November 2013 — updated 5.13pm, Wednesday 29th April 2020

Pension funds have criticised the Office of Fair Trading’s September report on defined contribution, saying some of its recommendations did not go far enough.

The National Association of Pension Funds yesterday issued its consultation response to the OFT. It warned that the watchdog's short- and medium- term recommendations on governance and charges could fail to deliver the right outcome for savers.

In particular, the NAPF said placing governance committees at provider level could lead to conflicts of interest, while a ban on active member discounts could penalise consumers whose employers had chosen to pay part of the charges for existing employees.

NAPF's chief executive Joanne Segars said that, although she was agreed with much of the report, the success of the watchdog's short- and medium-term recommendations would depend on how they were implemented by the government and the industry.

'There are several barriers that need to be overcome before we can achieve the right outcomes - especially around governance.' 

She said it was essential that the government and regulators bring in policies that ensure sustainable and good DC pension provision in the long term.

'Acting quickly will ensure that pension savers, especially those who will be saving into a pension for the first time through automatic enrolment, benefit from these improvements from the outset.'

Segars added: 'The NAPF believes that governance, transparency of charges, value for money and economies of scale are critical to delivering good workplace DC pensions, so we urge the OFT to continue to monitor progress in the DC landscape.'

The OFT's market study, published on September 19, criticised the current DC pensions as complex and often poor value.

 

This article appeared in our October 2013 issue of The Actuary.
Click here to view this issue
Filed in
10

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Life Reinsurance – Client Manager/Senior Manager

London (Central)
£ excellent + bonus + benefits
Reference
143661

Life Actuarial Analyst

South East / hybrid with 3 days per week office-based
£ dependent upon experience
Reference
143660

Investment Associate Consultant

Flexible / hybrid
£ dependent upon experience
Reference
143659
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ