Pension watchdog issues ultimatum to small providers

By Martin Croucher (June 30, 2022, 12:42 BST) – The retirement savings watchdog has urged smaller pension schemes to consider winding up, after a survey released Thursday found that two-thirds of providers are unaware of regulations requiring them to perform value-for-money checks for members.

The pensions regulator said trustees of small savings schemes should take “swift action” to improve their compliance obligations if they are not to close the shutters altogether.

The watchdog said 77% of pension schemes with fewer than 100 participants were unaware of the introduction of a regulation last December on value-for-money checks.

The government has introduced new rules for…

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