Statement regarding the publication of the Department for Work and Pensions (DWP) consultation protecting DB pension schemes – a stronger pensions regulator.
A spokesperson for The Pensions Regulator (TPR) said: “We welcome the package of measures outlined in the consultation which supports the actions we are already taking to protect pension savers by being clearer, quicker and tougher.
“The proposal to enable us to apply a range of sanctions, from administrative penalties to high level fines and criminal charges, for different types of breaches, will provide TPR with a more flexible enforcement framework. It will also help act as a strong deterrent against risky and reckless behaviour which threatens the retirement incomes of workers.
“These measures, together with greater transparency for trustees and TPR over the potential detrimental impact of corporate transactions on pension schemes and improvements to our anti-avoidance powers, are a major step forward in the protection of members.
“We will continue to work closely with the DWP to ensure the new powers work in practice and, in conjunction with our existing powers, are effective and proportionate.”
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); 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 TPR’s functions under Part 3 of the Pensions Act 2004 only).