The Pensions Regulator: Latest Stakeholder update

06 August 2020

The Pensions Regulator (TPR) has published its latest Stakeholder update, which aims to provide the latest guidance, publications, and other communications.

Just a few of the items included are as follows:

Annual Report and Accounts 2019/2020

TPR’s 2019-20 Annual Report and Accounts (ARA) demonstrates how the regulator has improved industry standards and safeguarded many more schemes than ever before.

A number of key successes are listed, including:

  • Direct contact with more schemes than ever, via a supervisory approach, which covers approximately two-thirds of UK memberships
  • The completion of the roll out of Auto-Enrolment (AE) duties to employers – now over 10.2 million people (or 98%) of eligible job holders are in a qualifying scheme
  • TPR ensured the safety of employees, and had a rapid and controlled response to the outbreak of coronavirus, in addition to providing clear guidance to the pensions industry and stakeholders to help them in dealing with the crisis
  • Extended use of powers – Former charity chairman, Patrick McLarry, was handed a five-year jail sentence – the longest term ever secured by TPR. Additionally, a firm was fined £350,000 for failure to observe its AE duties
  • 38 Master Trusts (MT) have been authorised, resulting in 16 million members and £38.5 million being placed in better-protected schemes
  • Four regulatory initiatives have been put in place, meaning better standards in record-keeping, reducing recovery plan lengths and balancing deficit repair contributions and investment governance
  • Average length of recovery plans re-submitted to TPR fell from 7.5 years to 7.1 years, and deficit repair contributions were up £11.4 billion

 DB funding code of practice consultation

TPR has launched a consultation, closing on 2 September 2020, which proposes how best to achieve a clearer Defined Benefit (DB) funding framework. The proposals confirm which principles should underpin the new funding framework, and how they could be practically applied.

TPR is holding a webinar on 13 August 2020 at 14:00, in which experts will discuss the proposals and answer any questions.

Trustee Round up newsletter

The latest newsletter was sent to trustees and scheme managers this week.


Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information. Download the CIPP's Payroll: Need to know - your guide to payroll legislation and reporting for the most up to date data.