Written Evidence to be reported to the House
Pensions Bill
4:45 pm
Stephen Haddrill: We do believe it is seen by the employer and, indeed, by the employee. Apart from anything else, a trust-based scheme is regulated by a different regulator from a contract-based scheme. That means that things like the letters that go out are written in a different way. That also applies to the information that is provided and so on. There are a number of visible differences. We also have different IT platforms for different sorts of provision, so there are costs involved in that. Given that we are talking about 100,000 schemes, you only need it to cost £1,000 per scheme to do the conversion and you are starting to rack up quite a lot of money across the industry as a whole.