The Pension Regulator’s new corporate plan for 2019 – 2022 outlines how as part of TPR’s more proactive and targeted approach hundreds more schemes will be contacted in the coming year.
Communications clarifying duties and TPR’s expectations will be sent to defined benefit (DB) schemes, newly authorised master trusts, defined contribution (DC) schemes and new employers with auto enrolment responsibilities.
TPR’s new supervision team is already building one-to-one relationships with larger schemes. It is supervising more than 20 schemes and this approach is being rolled out many more. This will ensure TPR better understands the challenges schemes face and identifies potential future risk.
At the same time communications are being sent to more than a thousand schemes this year to monitor how savers are being treated when it comes to matters such as dividend payments to shareholders, length of recovery plans and efficient record-keeping. Action will be taken where standards are not met.
TPR will also use a ‘rapid response’ team to respond more quickly to reports and intelligence about companies or major restructuring plans. These actions will extend TPR’s grip to far more schemes than in the past.
Building on last year’s joint strategy with the FCA on tackling key risks facing the pensions sector, TPR and the FCA will launch a joint review of the consumer pensions journey. This will explore how disclosures and information from pension schemes and providers combine with guidance and advice services to help pension savers make well-informed decisions.
TPR will also continue to work actively FCA and the Money and Pensions Service (MAPS) on DB to DC transfers to ensure that they work effectively for those who want to transfer, but enable savers to understand the risks involved and the options available to them.
Press release
Corporate plan
© The Pensions Regulator
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