In a further step to boost British business and increase returns for savers, the Chancellor introduced pension fund reforms. The pension fund reforms require Defined Contribution (DC) pension funds to publicly disclose their UK investment levels.
Under the plans:
- By 2027, pension funds across the market will actively disclose their levels of investment. They will do this in British businesses, costs, and net investment returns.
- Pension funds will be required to publicly compare their performance data against competitor schemes. This will include at least two schemes managing at least £10 billion in assets.
- Schemes performing poorly for savers won’t be allowed to take on new business from employers, with The Pensions Regulator (TPR) and Financial Conduct Authority (FCA) having a full range of intervention powers.
Source: Other Mon, 04 Mar 2024 00:00:00 +0100
