TPR encourages public service pension schemes to meet obligations and publish information
Monday 26 September 2016
The Pensions Regulator (TPR) is calling on public service pension scheme managers to ensure they are publishing information about their pension board.
This is required under pension legislation and is one way to ensure members can see who is involved in the governance of their scheme.
As part of its role in regulating public service schemes, TPR will be contacting the majority of public service schemes later this year to see if this requirement has been met. Together, these schemes provide pensions for more than 13 million people.
If a scheme has not published the information, TPR may issue an improvement notice telling the scheme manager to take action. This can be followed with a fine of up to £5,000 for a breach by an individual and up to £50,000 in any other case.
Nicola Parish, Executive Director of Frontline Regulation, said: "Our website lists the publishing requirements so schemes can use this as a reference point if they have yet to produce the required information.
"We have powers to issue improvement notices, followed by a fine for non-compliance, and will use these where we consider it appropriate."
- 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).
- TPR may issue an improvement notice for failure to publish information about the pension board under section 13 of the Pensions Act 2004. If an improvement notice is not complied with, TPR may impose a penalty under section 10 of the Pensions Act 1995. The maximum amount of a penalty in relation to a breach is £5,000 in the case of an individual and up to £50,000 in any other case.
David Morley 01273 662091
Matt Adams 01273 662086