Pensions Regulator - equipped and ready for the downturn

Continuing to improve the way we work in order to provide better and more efficient services, and striving to deliver more for less, are two of the themes reported in our Corporate plan for 2009 to 2012 that we have published today.

Examples of our better working include our online scheme maintenance system, Exchange, which allows information - such as registering a new occupational scheme, or making changes to scheme details - to be sent electronically, instead of previous paper based requirements.

Other positive developments include the provision of more resources for the Employer Compliance Regime.

And doing more for less includes the efficiency savings of 5 percent year on year that we have made.

Our corporate plan also reflects the pressures that trustees and employers are facing in the present economic climate. We are moving resources to areas that may need extra support.
 
And the corporate plan also identifies our key priorities and strategic direction for the next three years, where our focus will be on:

• improving governance and administration;
• reducing risks to DB members;
• reducing risks to DC members;
• preparing for 2012; and
• better regulation.

Tony Hobman, Chief Executive of The Pensions Regulator, will be speaking today on the theme of being well equipped for the downturn, as well as the changing UK pensions landscape at the Pensions Age Spring Conference in London. Says Tony:

“We continue to take a regulatory approach which is vigilant to the immediate risks both defined contributions and defined benefits pension schemes are facing and is focused on achieving good long–term outcomes, acknowledging that the interests of pension savers are best served by enabling employers to play their part in the economic recovery.

“Thanks to our ongoing efficiency programme we are able to allocate extra resources to manage the increased volumes of work that we anticipate due to the economic downturn with only modest increases in our projected budget overall."

1. Incorporated in this three-year view is a more detailed Business Plan for the year 2009-2010. This enables us to deliver our statutory objectives and corporate strategy. The business plan can be viewed on our website http://www.thepensionsregulator.gov.uk

2. The Pensions Regulator is the regulator of work-based pension schemes in the UK, with objectives to protect members' benefits, promote good administration and reduce the risk of calls on the Pension Protection Fund. Our approach is risk-based focusing on education and enablement, with enforcement where appropriate. We have the ability to:

• collect information about pension schemes; through scheme returns, under the scheme funding regime and as well as statutory (including whistleblowing) reports;
• issue notices requiring actions to tackle non-compliance, prohibit trustees who are judged not fit and proper to carry out their duties or appoint independent trustees;
• direct pension schemes as to how to calculate their liabilities and the contributions required;
• issue a contribution notice where there is a deliberate attempt to avoid liabilities, or a financial support direction where the employer is a service company or insufficiently resourced.

• Clive Power 01273 648487
• Katherine Long 01273 811859
• Veena Mapara 01273 627611
• Out of hours 01273 648496
•  www.thepensionsregulator.gov.uk

Non-press enquiries:

Customer support 0870 6063636
customersupport@thepensionsregulator.gov.uk