Call for more oversight of contribution schemes

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The Independent Online

David Norgrove, best known for derailing Sir Philip Green's bid for Marks & Spencer in 2004, has called for an overhaul of the way defined contribution pension schemes are overseen.

Companies and the public sector are moving away from defined benefit schemes, which are typically better the employee but costly to the employer. Defined benefit pensions also have trustees who oversee the funds, while this is not typical with defined contribution schemes.

Mr Norgrove, who was the chairman of the trustees at M&S, and until the end of last year headed up the pensions regulator, said: "I would like to see stronger regulation on defined contribution schemes, in terms of committees within companies that are charged with oversight of them."

Last week, Mr Norgrove became chairman at PensionsFirst, a high- profile appointment for the pension risk management firm.