TPR launches new campaign to protect workplace pension savers
22 September 2017
The Pensions Regulator (TPR) has launched a new campaign to drive up the standards of governance across pension schemes to help protect workplace pension savers.
The campaign, called 21st Century Trusteeship – raising the standards of governance, is part of TPR’s commitment to support schemes by being clearer and more directive. It outlines how people involved in running schemes can take action to meet expected standards and what action TPR will take if they don’t improve.
Recent research by TPR has shown that while some trustees are doing a good job, many trustee boards, particularly in small and medium schemes, have failed to act on TPR’s codes and guidance to meet standards of good governance.
As part of the campaign, targeted emails will direct trustees, scheme managers, employers and advisers to a new page on TPR’s website where they will find specific and relevant content that sets out clear standards that TPR expects schemes to meet.
They will also be signposted to supporting resources, including guidance within TPR’s codes of practice and practical tools to help trustees raise the standards of governance in their schemes.
The campaign will focus initially on emphasising the fundamental importance of good governance. As it progresses in the coming months, extra content will be added to the website, covering key governance themes including:
- Clear roles and responsibilities
- Clear purpose and strategy
- Competence and integrity
- Upskilling and training
- Managing advisers and providers
- Managing conflicts of interest
- Managing risk
- Meetings and decision-making
- Value for members