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FOI reference - FOI 2016-04-26
Date - 26/04/2016

Request

  1. The Pensions Regulator’s compliance requirements for the market participants.
  2. What are the benefits to the firm of working in compliance with regulatory requirements and the potential downside of not doing so?
  3. The Pensions Regulator’s approach to regulation itself.

Response

Duty to confirm or deny whether TPR holds the information requested

I can confirm that The Pensions Regulator (TPR) holds information falling within the scope of your request.

Information we are able to supply

  1. The Pensions Regulator’s compliance requirements for the market participants.

Our codes of practice provide guidelines on how we expect trustees, employers and others to comply with the legal requirements of pensions regulation.

  1. What are the benefits to the firm of working in compliance with regulatory requirements and the potential downside of not doing so?

Failure to comply with regulatory requirements may result in enforcement action – we have a range of powers available to us that we can use to intervene and help put things right, where necessary. These powers enable us to be more effective at dealing with risks to pension schemes and members' benefits, and to tackle these risks in a focused, targeted and proportionate manner.

Detailed information on how we regulate and enforce can be found on our website.

Adherence to the regulatory requirements alongside our guidance should result in a pension scheme that is run well and more likely to deliver good outcomes for members’ retirement savings.

  1. The Pensions Regulator’s approach to regulation itself.

We are the UK regulator of work-based pension schemes. We work with trustees, employers, pension specialists and business advisers, giving guidance on what is expected of them. Our objectives as set out in legislation are:

  • to protect the benefits of members of occupational pension schemes
  • to protect the benefits of members of personal pension schemes (where there is a direct payment arrangement)
  • to promote, and to improve understanding of the good administration of work-based pension schemes
  • to reduce the risk of situations arising which may lead to compensation being payable from the Pension Protection Fund (PPF)
  • to maximise employer compliance with employer duties and the employment safeguards introduced by the Pensions Act 2008
  • to minimise any adverse impact on the sustainable growth of an employer (in relation to the exercise of the regulator’s functions under Part 3 of the Pensions Act 2004 only)

Our principal aim is to prevent problems from developing. We use our powers flexibly, reasonably and appropriately, with the aim of putting things right and keeping schemes, and employers on the right track for the long term.

Our strategy is to educate, enable and, where necessary, to enforce.

Duty to provide advice and assistance

Detailed information regarding our objectives and how we regulate can be found on our website.

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