Retirement calculator discussion opened by Pensions Regulator

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Retirement calculator discussion opened by Pensions Regulator

The Pensions Regulator has launched a discussion paper to ensure that it is in sync with government policy relating to defined contribution (DC) pension schemes, according to a source from the organisation.

Bill Galvin, chief executive of the regulatory body, pointed out that the upcoming automatic enrolment in such long-term saving programmes means there is likely to be a "dramatic" increase in the number of customers affected.

"This paper marks the start of a dialogue with the industry and stakeholders over what good DC pensions look like and how we can support the market," he said.

In his opinion, the industry landscape has changed significantly since the Pensions Regulator last published guidance in 2007, making it necessary for a fresh review to be undertaken.

A spokesman for the Association of British Insurers welcomed the assessment of the pension market and predicted there could be as many as eight million new DC clients from next year.

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