It was announced in the Queen’s Speech that the saving of millions of pensioners will be better protected under new plans for the Pension Bill.
The news comes after people expressed concern that those paying into some auto-enrolment pensions could lose their money if the schemes were to collapse.
However, the new regulations will mean stricter supervision of so-called master trust schemes by the Pensions Regulator (TPR), which will be given more power in governing the authorisation and discontinuation of various pension programmes.
Currently, only nine of the 72 master trust schemes are listed as approved on TPR’s website and the regulator is not responsible for checking that the schemes’ claims are accurate.
Commenting on the new Bill, Lesley Titcomb, TPR's chief executive, said: “We have voiced concerns for some time about the need for stronger legislative standards for master trusts and have worked with government and other regulators to improve levels of protection for members.”
"We have been calling for a significantly higher bar regarding authorisation and supervision, and we are pleased that today's announcement proposes to give us the power to implement these safeguards."
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