Regulator encourages voluntary employer engagement

Contract-based workplace pension schemes have no legal requirement for the kind of governance familiar in trust-based occupational schemes, where trustees have roles in areas such as supervision, review and member focus. This is part of the attraction of contract-based schemes for many employers but the Pensions Regulator believes that, with only about half of them having any form of voluntary ‘governance’ in place, the others should be encouraged to consider taking action in this area.