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24-Apr-08 11:15 [Pensions]
Committee calls for more regulation of defined benefit pension schemes A parliamentary committee has said that there needs to be an increase in the regulation of defined contribution pension schemes from the Pensions Regulator.
The Public Accounts Committee has said in its report that although the pensions watchdog has made good progress in regulating defined benefit schemes, it has not done as much for defined contribution pensions.
In the report, it stated that the Pensions Regulator should work more closely with the Financial Services Authority, the financial markets regulator.
Susan Anderson, CBI director of human resources said the pensions watchdog should not take the lead: "It should work with the Financial Services Authority, the insurance industry and employers to ensure there is appropriate communication with scheme members so they are aware of the nature and risks of their pension investment."
The CBI is a lobbying organisation for UK businesses on national and international issues. It works with the government, policy makers and international legislators to help UK businesses compete effectively.
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