Pensions Regulator Corporate Plan

Pensions Regulator Corporate Plan

The Pensions Regulator published its latest corporate plan, setting out how it intends to continue to improve standards in workplace pension schemes and enable good outcomes for retirement savers.

Go to The Pensions Regulator’s corporate plan 2015 – 2018.

The plan outlines the regulator’s strategic approach to regulating defined benefit (DB) and defined contribution (DC) schemes, and to the further implementation of automatic enrolment (AE).

The plan sets out how it will work over the next three years to:

  • Establish and run a regulatory regime for public service pension schemes.
  • Embed the regulatory regime around the government’s DC pension reforms and flexibilities.
  • Give guidance to over a million small and micro employers as they provide workplace pensions to their workers for the first time, and to those employers at the triennial anniversary following initial compliance with their employer duties so that they are equipped to deal with their ongoing duties.
  • Disrupt the evolving pension scams models.
  • Regulate defined benefit (DB) schemes. Recognising we operate in a challenging environment, we will work with employers and trustees in line with our DB strategy and code of practice.
  • Engage with developing policy initiatives such as defined ambition and automatic transfers, and in Europe with the IORP Directive in our role as a member of EIOPA.

The regulator’s chair Mark Boyle said:

“The pensions landscape is going through the greatest period of change in generations. While these changes develop and come into force, people need to be confident that their pensions are being managed safely and fairly.

“It is vital that we reach all our audiences, remain on top of market developments, anticipate future risks and work collaboratively with government departments and industry bodies to ensure the overall retirement system runs smoothly.

“We will provide the pensions community with educational and guidance material but will also take tough action and provide effective deterrence against those who evade their obligations or circumvent the law.”

Chief executive Lesley Titcomb said:

“I have joined the organisation at an exciting time and there are many challenges to face over the next three years. While the whole landscape is undergoing a transformation in light of the DC flexibilities, we are also seeing a major shift from DB to DC membership, evolving scam models, and continued risks in the DB market. We also need to ensure 1.3 million small and micro employers meet their new employer duties.

“During a time of such significant change, it is important the regulator is seen as an authoritative, trusted voice within the pensions sector. The corporate plan sets out how we will provide trustees, employers and advisers with the information they need to see these major changes through. Where we take regulatory action I want that to be transparent and for our actions to be understood.

“We will work hard to meet the challenges ahead, ensuring people saving into occupational pension schemes enjoy high quality outcomes. We will improve our operational effectiveness, to remain a well-run and adaptable organisation ready to respond to the largest changes in the pensions landscape seen for a generation.”

The corporate plan includes an analysis of the current risks and issues in the pensions landscape, as well as the regulator’s business plan for 2015-16.

Categories: News, UK Pensions

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