New pension standards outlined - Telegraph The Pensions Regulator has developed six principles for the good design and governance of workplace DC schemes, aimed at promoting communication with members and ensuring clear accountability. Its standards are being issued for consultation, with responses to be submitted by March 28. Chief executive of the Pensions Regulator, Bill Galvin, said: "We expect all DC schemes to demonstrate how they will comply with our principles for good DC schemes and this will give employers reassurance about their choice of scheme. Many members will not have any experience of DC pension saving, so it's vital that schemes are run by capable people who act in members' interests - from enrolment to retirement. Graham Vidler, acting managing director of savings trust Nest, said: "We welcome the Regulator's focus on achieving good outcomes for members and we look forward to engaging in the debate about what defines good DC as it develops." Recent research by the Pensions Regulator found that larger trust-based occupational DC schemes are more likely to offer retirement savers a high-quality service than smaller ones. The regulator said that schemes would be expected to show how they met certain standards or explain any inconsistencies. It said it was working with other regulators to make sure there was a consistent approach across the pensions industry. Mr Galvin added: "Where we find schemes fall short of the standards we have set out, we will expect them to improve. Some smaller schemes may find this challenging and decide that the interests of their members would be better served in another type of arrangement. Pensions minister Steve Webb said: "We said in our recent paper on reinvigorating workplace pensions that promoting high quality schemes is vital to making pensions more attractive to individuals and more affordable for employers. The approach the Pension Regulator is proposing, setting out required standards for defined contribution schemes based on a new code of practice for trustees, is a step in the right direction.