The Pensions Regulator: Annual Report and Accounts
20 July 2016
The Pensions Regulator has published their Annual Report and Accounts which outlines how they have performed in key areas, including automatic enrolment.
The report also details TPR’s approach to increasing the quality of, and confidence in, pensions. They have reached out to a new consumer audience with a refreshed ‘scorpion scams campaign’ and been clear about the standards expected from trustees of DB and DC schemes and their sponsoring employers.
In a quarterly update from TPR’s Chief Executive Lesley Titcomb, she says pensions have rarely been more visible than they are at the moment. She talks about the number of large DB schemes that have been hitting the headlines, with the joint Work & Pensions/BIS Committees’ enquiry into the collapse of BHS receiving a huge amount of media interest. TPR have an ongoing investigation into this matter, and aim to have made significant progress by the end of the year.
Also mentioned is the need for a more robust regulatory framework for master trust schemes, many of which are receiving thousands of new members as a result of automatic enrolment. The new Pensions Bill proposes to introduce new requirements on these schemes which will give TPR new powers to regulate them, with the aim to ensure master trusts are strong, durable and well placed to deliver good member outcomes.
Lesley Titcomb also referred to a statement from TPR in response to the recent EU Referendum. Their key message to trustees and sponsors of occupational schemes is to remain vigilant and review their circumstances, but continue to take a considered approach to action with a focus on the longer. Titcomb said:
“Despite the political and economic uncertainty we all now face, we remain focused on protecting the retirement savings of those in occupational pension schemes, and ensure as many people as possible save for retirement through the successful implementation of automatic enrolment”
And finally in the quarterly update, due to the fact that the UK pensions sector will need its regulator to be agile and responsive, the DWP is currently recruiting three Non Executive Directors to join TPR’s board. They are looking for candidates with a breadth of knowledge and experience of operating at a senior management level in areas such as finance and commerce, general management, pensions, and small business.
Further information about these roles and the application process can be found on the public appointments website, and if you or any of your colleagues are interested, please do apply.