TPO and TPR share information to boost standards and protect members
22 May 2018
The Pensions Ombudsman (TPO) and The Pensions Regulator (TPR) have signed an information-sharing agreement to enhance their combined knowledge and understanding of developing issues.
Professional Pensions reports that the agreement outlines aims to:
-
Protect scheme members against the "rise in pension scams and the greater need for robust governance standards"
-
Endorse and support the achievement of higher standards across the industry
-
Ensure a safe saving environment in the "forever changing" pensions landscape
The arrangement came into effect in March and details the principles both organisations will follow when sharing information about complaints and concerns, acknowledging that both organisations have shared goals and an overlap in responsibilities.
For example, information concerning pension complaints handled by TPO may be shared with TPR, helping to inform its investigation processes.
Similarly, following an investigation of a pension scheme, TPR may advise TPO of any concerns it has regarding that scheme's failure to implement policy and procedural changes as it had recommended.
In its practice, TPO deals with complaints and disputes that concern the administration and/or management of both occupational and personal pension schemes. Its role is to investigate complaints and disputes in a fair and impartial way.
TPR works more closely with employers and those running pensions, in order to help members save safely and securely for their retirement.
The agreement is the latest in a series of moves tying public pensions bodies together. Earlier this month, Parliament approved legislation to allow the merger of The Pensions Advisory Service (TPAS), the Money Advice Service and Pension Wise into a single financial guidance body.
Meanwhile, TPO has taken on TPAS' dispute resolution services and has also agreed to share information with the Financial Ombudsman Service.