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.
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