There are several government organisations that may be involved during an employer event that could cause concern to pension scheme members. They provide help and support to trustees, employers, scheme members and advisers. They will act if anyone involved in running a pension scheme is not meeting the standards expected.
The Pensions Regulator (TPR)
TPR protects savers by making sure that workplace pension schemes are run properly. We work directly with employers and those running workplace pensions.
When pension schemes need restructuring, we provide guidance to trustees which helps ensure that they communicate effectively with savers.
Communications should be clear and easy-to-understand, allowing savers to make an informed decision about their pension.
Pension Protection Fund (PPF)
The PPF plays an integral role in supporting trustee communications to members in consent exercises where defined benefit scheme members are asked to make a choice where an option involves entry to the PPF.
Its role is to ensure the content in communications to members, especially that which covers the PPF and its compensation, is accurate, clear and consistent to ensure members are able to make a well-informed choice.
Its approach will commonly be to engage as early as possible with the trustees and advisers and to work openly and collaboratively.
The PPF can support trustees (and their advisers) by:
- providing guidance and input in devising an appropriate communications strategy
- providing support and feedback on the PPF-specific content in draft communication materials (eg newsletters, member option packs, website content, frequently asked questions, helpline scripts)
- providing content for trustees to respond to PPF-related member queries
- responding directly to PPF-specific member queries received by the trustees
- participating in other trustee-organised communication activities as and where appropriate and feasible
Financial Conduct Authority (FCA)
The FCA is the regulator for the providers of personal pensions, including stakeholder personal pensions, self-invested personal pensions and workplace (group) personal pensions. These are all forms of defined contribution (DC) pensions. The FCA also regulate the advice (including pension transfer advice) given by regulated advisers, asset managers and other firms that provide investment services.
Money and Pensions Service (MAPS)
The role of MAPS is to help people make the most of their money and pensions. It offers impartial and free information and guidance on pensions and money issues, as well as supporting the provision and funding of debt advice.
People can contact MAPS across a range of channels with any pension questions or issues that they may have. Its teams of specialist pensions advisers can help people understand their pensions and any choices or decisions that they may need to make.
The Money and Pensions Service will not tell you what you need to do or what products you should choose, but it will help you think through the implications and, when necessary, talk you though how you can access regulated financial advice and stay safe in your financial dealings.
The Money and Pensions Service is pleased to work with employers and pension schemes to help people get the support they need when they need it most.