The Pensions Regulator (TPR) has evolved into a more visible and proactive regulator and is working in a clearer, quicker and tougher way.
The Annual Report and Accounts (PDF, 2139kb, 120 pages) published today, outlines how TPR has performed against corporate priorities for 2017-18. This includes successfully implementing automatic enrolment, driving up standards of trusteeship and intervening more quickly when faced with underfunding or avoidance in defined benefit (DB) pension schemes.
The publication also includes examples of TPR’s work: how it has used certain powers for the first time as part of its tougher approach to schemes that do not act in the interests of members; its work around banking reform; and its programme to develop into a regulator fit for the evolving pensions landscape.
TPR achieved 18 of its 19 challenging key performance indicators.
Chairman Mark Boyle said: “We have changed as a regulator; we are being clearer with those we regulate, quicker to act where our expectations are not being met and tougher on those that do not act in the interests of members.
“This report details how this approach is coming to fruition in response to the changing risk landscape and ever-increasing public scrutiny of workplace pensions.
“TPR is more than just a regulator of DB pensions. We have been working to put new safeguards in place around master trust schemes, successfully implement workplace pension saving for nearly 10 million people and drive up standards of trusteeship across all schemes including public service schemes.
“Last year we set ourselves stretching KPIs to drive our clear, quicker, tougher aims. Meeting these targets is testament to the hard work, dedication and professionalism of our growing workforce. We carry this momentum into this year, determined to further evolve into a regulator fit for the future, and ready to meet the challenges that lie ahead.”
TPR Chief Executive Lesley Titcomb said: “This publication highlights all of the great work TPR has achieved over the past 12 months to deliver the best outcomes for workplace pension savers.”
“It has been a challenging but successful year, one in which we have learnt lessons and, thanks to our TPR Future programme we have become a stronger and more effective regulator.
“We are transforming the organisation to be more vocal and visible, using powers for the first time and more frequently while working more closely with our stakeholders and those we regulate.”
- During 2017-18 TPR secured additional funding from DWP to fulfil broadened responsibilities and to implement a new set of regulatory approaches. This supported frontline casework including DB regulation, master trust authorisation and the development of a future regulatory model. TPR spent £83.5 million during 2017-18, compared with a spend of £74.8 million during 2016-17.
- 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).