A few years ago we started to stamp our feet about master trusts. As automatic enrolment successfully swept through businesses and more and more people were being put into workplace pensions, master trust schemes grew in popularity.
For several months now, we have talked about our commitment to change as a regulator – to be clearer, quicker and tougher.
They hide in plain sight, looking respectable to the outside world but denying their workers their legal rights.
Master trust authorisation is essential for the development of a safe and sustainable market of defined contribution (DC) schemes, and we’ve been pushing for it for some time.
Next month anyone setting up a business will need to consider automatic enrolment alongside all the other tasks associated with starting a new venture.
It was as I was coming back to Brighton from my home in Somerset last weekend that it finally dawned on me.
The roll out of automatic enrolment has been accompanied by a succession of doom-laden prophecies that haven’t come true.
I’m Darren Ryder, and I head up the case management section of our automatic enrolment team.
I lead the automatic enrolment team at The Pensions Regulator. Our objective is to maximise employer compliance with automatic enrolment duties.