Pensions Regulator shortlisted for Better Regulation Award

The Pensions Regulator was today chosen as a finalist for 'The Better Regulation Award' at the forthcoming National Business Awards.

Previously a finalist in 2007, the regulator has been shortlisted this time for its programme of work to minimise the burden on pension schemes of meeting their legal duty to register and submit data to the regulator.

This programme has centred on the in-house development of the online 'Exchange' platform which has enabled significant reductions in the burden of the registration and scheme return process. The regulator consulted widely with its stakeholders in designing and testing Exchange and incorporated their ideas into this new platform.

This has included cutting the amount of data requested by up to 20%; pre-populating online forms to reduce the time taken on data entry; and allowing schemes to update their data online at any time.

A reduction in the number of queries from pension schemes suggests that they are now finding the process simpler and easier to follow. Bringing the Exchange platform in-house has also enabled the regulator to address customer feedback and technical issues more quickly and make significant efficiency savings.

Alongside the Exchange platform, the regulator has also introduced a data panel to apply rigorous control of future data requirements and to ensure that they are driven by genuine business need. And this wider programme, which also included internal organisational changes and process re-design, has made major inroads into the regulator's cost of acquiring and managing pension scheme data.

Pensions Regulator chief executive Tony Hobman says:

“We welcome the recognition for the progress we have made on this important element of our broader commitment to Better Regulation.

"As well as helping us to reduce burdens on the regulated community and achieve internal efficiency savings, we have also been enabled to allocate even more resources to our regulatory frontline.”

 

1. Open to organisations of all sizes from all sectors across the UK, The National Business Awards, sponsored by Orange, is the UK's most prestigious business recognition platform with its particular emphasis on success, innovation and ethical business. The National Business Awards connects the nation's professionals through its annual awards ceremonies, year-round marketing and promotional activity and is United Business Media's leading awards programme. For further information on The National Business Awards sponsored by Orange and the list of 2009 finalists visit www.nationalbusinessawards.co.uk
2. Winners will be unveiled at a gala award ceremony on 10th November at the Grosvenor House hotel in London. Current title holders include Sir John Rose, CEO, Rolls-Royce, who won The Orange Business Leader Award in 2008 and Paul Walsh, CEO, Diageo, who won The Daily Telegraph Decade of Excellence in Business accolade.
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:

• 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.

 

• Clive Power 01273 648487
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