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Brendan Kennedy argued that small schemes resulted in "poor value for money" and lower standards of governance and said the regulator believed smaller funds should not be encouraged. Kennedy's comments follow a presentation at the Irish Association of Pension Funds (IAPF) DC conference, during which he said the current DC landscape had "far too many schemes for the Pensions Board to adequately oversee". At the time, he said the regulator was committed to the "principle" of achieving a smaller number of funds. "We do not have a specific target in mind, but, in the very long term, it has to be difficult to justify more than 100 DC schemes in a country of our size", he said.
He added that such changes would potentially require legislation and hinted at new schemes needing to meet minimum Board standards before they could be launched – effectively a licensing system, which he previously told IPE had "significant advantages".
Full article (IPE registration required)