Small Pension Schemes Must Quit Market, Regulator Says

Law360, London (August 1, 2019, 1:55 PM BST) -- Britain's pensions regulator urged smaller pension plans on Thursday to consider shutting down after finding that only 1% meet all governance standards — and that more than half fail to comply with even one.

Some 60% of small pension schemes, which the regulator classifies as having between 12 and 99 members, do not meet even a single one of its five "key governance requirements," a report shows. The bigger the scheme, the more likely it is to meet the standards, the regulator, known as TPR, concluded.

David Fairs, an executive director at TPR, said the results underline the need to reduce...

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