The PASA DC Working Group responded to the DWP consultation on the ‘Future of the defined contribution pension market: the case for greater consolidation’ in July 2021. Following yesterday’s response to the consultation, the Chair of the PASA DC Working Group, Lesley Carline commented:
“We are pleased TPR has taken on board the comments made by many within the industry that forcing the pace of consolidation is not appropriate. At PASA we believe the improvements shown in terms of governance and the development of suitable DC solutions for DC schemes is promising. Consolidation is happening and will continue, but it needs to be at a pace the market can cope with or the consequences could be as usual ‘unintendedly’ worse outcomes for some savers. The value for money assessment still needs to be proven as a practical solution and governance tool, and we note TPR is watching and waiting at least during 2022.”
