Comments were largely concerned with adding or omitting particular topics. The Government's aim in bringing forward QiP proposals was to strengthen occupational pension schemes by raising standards and providing an impartial confirmation of the high standards many schemes offer and encouraging others to meet the same standards. We also wanted this to be a voluntary process. It is therefore important that proposals are taken forward with the support of the pensions industry. We were however concerned that action should be taken to ensure that high standards in occupational schemes were encouraged.
Higher standards are important in themselves.
They also provide employees with more confidence in occupational schemes and will encourage them to join such schemes. We envisage that the guidelines would be endorsed by the DSS and the key pension industry bodies and that they would encourage their members to follow such best practice advice. As noted in the Pensions Green paper there is already strong support for the development of a Good Practice Workplace Code for Pensions. The draft code already has as one of its aims that occupational schemes should follow best practice in all their activities. We would see our new proposals as complementary to, and supportive of, this aim.