Government bill strengthens the regulations in relation to schemes such as NEST and Now.
The Pensions Scheme Bill was issued by the government this month and contains provisions to strengthen the regulations relating to master trust pensions. Master trust pensions include schemes such as ‘NEST’ and ‘Now’ as well as other schemes which are often used by smaller employers.
The main areas covered by the Bill are:
- improved governance and administration
- a requirement to submit annual accounts and supervisory returns
- the introduction of a cap on exit fees.
Article from ACCA In Practice