Annual report and accounts for 2008-2009 - shows a year of progress and change

Today the Secretary of State for Work and Pensions laid the Pensions Regulator's audited annual report and accounts for 2008-2009 in Parliament.

Tony Hobman, chief executive of the Pensions Regulator, said:

"This has been a tough year for schemes and for those running them. We have continued to deliver against our long-term strategic themes, focused on our statutory objectives, to protect member benefits, to reduce calls on the Pension Protection Fund and to raise the standards of governance and administration across work-place pensions in the UK.

"At the same time we have delivered extra support through the economic downturn, including a recent series of statements and a round of national workshops to explain our approach to scheme funding.

"We have also sustained our commitment towards Better Regulation. By reducing collection burdens and introducing pre-populated scheme returns, contributing to our drive to doing more for less, we have been able to target more resources on our regulatory front line."

Chair of the Pensions Regulator, David Norgrove, looking ahead, said:

"Our corporate plan for 2009-2012 set out our key priorities for the future, as we adjust to a changing pensions landscape.

"In particular, building on the progress of this year, we will accelerate our work towards maximising employer compliance with the new duties under the Pensions Act 2008.

"Our aim is to make it as easy as possible for employers to comply, and to ensure our powers, approach and framework continue to evolve with the market to protect member benefits for the long-term."

 

1. To view the annual report in full visit the regulator's website.
2. The Pensions Regulator's corporate plan 2009-2012 is also available on the regulator's website.
3. 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:
4. • 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 an attempt to avoid liabilities, or a financial support direction where the employer is a service company or insufficiently resourced.
     

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