The Association of British Insurers has said that the pensions regulator is not suitable to oversee the proposed National Pension Savings Scheme, claiming that it needs independent regulation. But both the Association of British Insurers and the National Association of Pension Funds agreed that competition was necessary to keep costs down, and believe that between 10 and 20 providers should supply enough competition to drive the market.
Our view
How strange? The Pensions Regulator to not regulate a National Pension Scheme?
The need to control costs is clear but having yet another regulator will only add to the burden. It seems ludicrous to suggest that you need competition for government 'policed' 'bodies.