Pension providers hit out at regulator for stifling competition » SMEInsider

Pension providers hit out at regulator for stifling competition

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The Pensions Regulator has come under fire for dropping plans to publish a list of pension providers that cater to the needs of small and micro businesses.

The regulator said earlier today that it had decided against providing a directory of available pension schemes because it felt unable to create a sufficiently objective and transparent list without a larger assessment that would prove “disproportionately onerous” to itself and the schemes under review.

Two rival auto-enrolment schemes have condemned the regulator’s decision, which they believe could reduce competition in the market and lead to the promotion of Government-backed Nest.

“As a trusted source of information on auto enrolment, The Pensions Regulator has considerable influence,” said Now: Pensions chief executive Morten Nilsson. “It has direct communication with every company about auto enrolment but has only ever actively promoted Nest.”

“The publication of a list of providers would have helped to level the playing field and encouraged employers to think more carefully about which scheme is best for them and their employees,” he added.

The Pension Regulator has promised to work with the market to find alternative ways to help smaller employers find the best scheme for their employees.