TPR meeting ambitious goals, amid changing environment
Thursday 7 July 2016
The Pensions Regulator is performing well in its key areas of responsibility despite the pace of change in the pensions sector, according to its 2015 - 2016 Annual Report and Accounts published today.
The report reflects the ambitious targets TPR set itself following the arrival of new Chief Executive Lesley Titcomb in March 2015. It outlines how TPR has performed in key areas including the delivery of automatic enrolment, through the use of simplified information and communication for the hundreds of thousands of employers preparing to meet their duties.
It also details TPR’s approach to increasing the quality of, and confidence in, pensions. TPR has reached out to a new consumer audience with its refreshed Scorpion scams campaign and has been clear about the standards expected from trustees of DB and DC schemes and their sponsoring employers.
Chair of TPR Mark Boyle said: “Our industry continues to absorb change at an unprecedented pace – but we have shown that we are an agile organisation, able to actively manage our priorities and respond to risks, for example in our work with government and other bodies to improve the security of members of master trust schemes.
“Under the leadership of our new CEO, Lesley Titcomb, we are determined to make bolder decisions and to deliver clear and consistent messages that engender confidence in retirement saving and the system of pension regulation.”
Chief Executive Lesley Titcomb said: “Our Annual Report shows the progress we’ve made in work to improve the knowledge, understanding and effectiveness of trustees, and in the successful implementation of automatic enrolment, which is achieving compliance rates at the high end of expectations.
“I’m encouraged by how TPR has evolved as an organisation to meet the challenges we and the industry face. We have reorganised our senior leadership team to provide greater accountability for our activities and to use our limited resources in a more flexible and efficient way.”
Lesley Titcomb added:
“We are under no illusions as to the significant challenges faced by the UK politically and economically. The full impact of the UK’s vote to leave the EU is not yet clear. Our message is that pensions are long-term investments and people should not act hastily. We will continue to provide support and clear direction to trustees and other parties to help them navigate the uncertainty ahead.”
- Our regulatory approach is to 'educate, enable and enforce' where appropriate. It has undertaken a wide variety of activities in the past year, with the intention of educating through a range of communication channels. TPR has produced tools to enable our regulated community to meet their duties, and used enforcement action where it has encountered wilful or persistent non-compliance, which has led to a number of high profile and complex cases being resolved.
- TPR is the regulator of work-based pension schemes in the UK. Our statutory objectives are: to protect members’ benefits; to reduce the risk of calls on the Pension Protection Fund (PPF); to promote, and to improve understanding of, the good administration of work-based pension schemes; to maximise employer compliance with automatic enrolment duties; and 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).
Tim Marks 01273 662092