The Pensions Regulator outlines plans to Educate, Enable and Enforce
29 May 2014
The Pensions Regulator's (TPR) Corporate plan details how they will maximise compliance with automatic enrolment duties among the country's medium, small and micro employers, investigate pension liberation activity and fulfil their extended remit of regulating the governance and administration of public service pension schemes.
The Corporate Plan
The Corporate plan sets out TPR’s regulatory approach, the pensions landscape, their strategic plan for 2014-2017 and their one year business plan for 2014-2015. There are four key areas to the plan:
Regulatory approach – This section outlines their statutory objectives; risk-based approach; operational approach of educate, enable, enforce; key audiences; making complaints; and performance evaluation.
The pensions landscape: issues and risks – This comprises an overview of the current landscape and a summary of the key issues and risks.
Strategic plan 2014-2017 – This section sets out their corporate priorities and outlines their three-year strategic plans to achieve them.
Business plan 2014-2015 – The financial year 2014-2015 is covered here, comprising information on their workload assumptions, KPIs and a summary of the resources required to deliver their plans.
Who is The Pensions Regulator?
TPR is the UK regulator of work-based pensions. They are a non-departmental public body established under the Pensions Act 2004. Their sponsoring body is the Department for Work & Pensions (DWP) and Parliament sets the legal framework within which they regulate.
TPR is responsible for regulating occupational DB schemes and occupational DC schemes, and for regulating limited aspects of work-based personal pensions. They are also tasked with maximising employer compliance with the employer duties and safeguards related to automatic enrolment into pensions. From April 2015, TPR will have an extended role in respect of public service schemes, with responsibility for regulating their governance and administration but not their funding.