Latest news from The Pensions Regulator
02 November 2015
Helping you meet new DC governance standards
Find out what you need to do to meet requirements around DC governance standards in our latest video.
The standards came into force in April 2015 and every year trustees will have to describe in their chair's statement how their scheme is meeting them, so it is important that you know what to do
New trustee landscape research
New research on the trustee landscape reveals findings on the skills and knowledge of pension scheme trustees and their boards in the context of major industry reforms.
This research is part of ongoing work with the industry to consider what more can be done to improve outcomes for savers and clarify duties for those running or supporting schemes.
Scam case details published
Details of our investigation into a suspected multi-million pound scam case have been published, warning savers to remain vigilant against the ongoing threat of scams.
Our determination notice details how three individual trustees, acting on third party instruction, were deemed to have misappropriated scheme funds and exercised poor trustee governance.
Independent assurance for another master trust
The National Employment Savings Trust (NEST) is the latest occupational DC master trust to obtain independent assurance.
The voluntary assurance framework was developed by the Institute of Chartered Accountants of England and Wales (ICAEW) in association with the regulator to support auditors to provide independent assurance reports for the trustees of master trusts.
In addition, NEST has been added to a list of master trust pension schemes open to employers of all sizes, and which have been independently reviewed to help to demonstrate that they are administered to a high standard.
New government consultation
The Department for Work and Pensions has launched a consultation 'Better Workplace Pensions: Banning member-borne commission in occupational pension schemes'. The consultation runs until 27 November.
The government would welcome responses from, among others, trustees and their advisers and those who provide services to occupational pension schemes.
Workie says: 'Don't ignore the workplace pension'
A new character has been introduced with the launch of a campaign which aims to change the country's perception of pensions in the workplace.
'Workie' will be seen visiting people in all sorts of work environments over the coming months, asking them not to ignore him.
While automatic enrolment into workplace pensions has been rolling out across the UK since 2012, it is only now that up to 1.8 million small and micro employers are being required to take action to help their staff to save for later life
For more information please visit www.workplacepensions.gov.uk.
Latest automatic enrolment numbers
Our latest quarterly report on automatic enrolment provides information about our cases and the powers we have used relating to automatic enrolment and associated employer duties. This report also includes lessons learned from some recent Tribunals.
Between July and September this year we issued:
- Compliance notices: 469
- Unpaid contributions notices: 85
- Fixed penalty notices: 107
- Escalating penalty notices: 2
New interactive web journey launched for small and micro employers
To help reduce the challenge of automatic enrolment for small employers, we've launched a new interactive step-by-step online guide.
It's designed to meet the specific needs of these employers who may not have pensions experience, including those with just one or two members of staff.
The guide provides clear and accessible information for employers on what to do, and by when, using videos, animations and infographics.