Schemes must get the basics right on data quality to deliver on key areas such as pensions dashboards and value for money, TPR’s chief executive Nausicaa Delfas told industry today.
Poorly performing pension schemes will come under ever greater regulatory scrutiny to ensure they meet TPR’s expectations, Ms Delfas told pensions experts in a keynote speech.
She said: “Regulatory compliance is not optional. You will see a step-change in our enforcement approach – going out into the market, at scale, to ensure schemes have high quality data and deliver value for members.
“The stakes have never been higher. Savers will soon be interacting with their personal data as never before through pensions dashboards and the Value for Money framework.
“Failure to meet the deadlines is not an option. That is why we will be engaging hundreds of schemes asking them to account for how they are measuring and improving their data and will be taking action where trustees are failing to meet our expectations."
Recognising that pensions are changing towards fewer, larger schemes TPR will be more forward-looking, to enhance the market, and supportive of innovation.
Ms Delfas added: “I see a role for us to play not only in tackling harm but as a convenor, critical friend and supporter of future market development. Our approach to the market will not be static because we will be flexible and responsive to risks as they emerge.”
She set out TPR’s regulatory roadmap for pensions which drives value for DC savers, security for DB members and higher standards of trusteeship for all.
Notes for editors
TPR's roadmap aims to ensure that:
All defined contribution savers receive value for money
- Greater scrutiny of small schemes through a regulatory initiative at scale focused on value.
- Revamped approach to supervising master trusts with expert-to-expert engagement.
- Considering how to engage employers to challenge schemes more on value.
All defined benefit schemes secure their future
- Clarity of expectations and risk tolerances through the DB Code.
- New guidance to help trustees consider the full range of alternative models of defined benefit provision.
All schemes are well run with high quality data powering informed decision-making by excellent trustee boards
- Extending regulatory grip to supervise professional trustee firms.
- Failure to meet dashboards deadlines not an option with new data quality regulatory initiative with hundreds of schemes.
- Broader shift to encouraging schemes towards open data, open standards and common protocols.
TPR is the regulator of workplace trust-based pension schemes in the UK. Our statutory objectives are to:
- protect members’ benefits
- reduce the risk of calls on the Pension Protection Fund
- promote, and to improve understanding of, the good administration of work-based pension schemes
- maximise employer compliance with automatic enrolment duties
- 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)
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