The Pensions Regulator (TPR) has today published its enforcement strategy and, following a consultation earlier this year, its consolidated enforcement policy, updated prosecution policy and consultation response.
Nicola Parish, TPR’s Executive Director of Frontline Regulation, said: “These new policies and the strategy are key drivers in implementing our long-term corporate strategy. They will focus our work to address issues around pension security and be a framework for us to be a bold and effective regulator.”
The new enforcement policy includes new powers given to TPR in the Pensions Schemes Act 2021 (PSA21) and replaces and consolidates three previous compliance and enforcement policies on DB funding, DC and PSPS schemes. The policy sets out the outcomes TPR might pursue, and ways it might go about achieving them, in pursuit of its goal to improve safety and security for pension savers.
The prosecution policy has also been brought up to date to reflect new criminal powers in the PSA21 and other developments.
TPR has also published a new enforcement strategy which sets out the overarching aims of its enforcement work (excluding automatic enrolment) and provides insight into the framework TPR applies when selecting cases for enforcement action.
In a blog, also published today, Erica Carroll, TPR’s Director of Enforcement, outlines the reasons behind the new, refreshed, documents on TPR’s approach to enforcement. She writes that: “While our new strategy and policies are not a fundamental change in our approach, they give a clearer understanding of the enforcement journey and factors we will take into account throughout the life of a case.
“Our work in enforcement is constantly evolving as we take on more cases and test new powers. We continue to be transparent in the outcome of our cases through our publications and will revisit our strategy and policies if these outcomes or other circumstances require any changes in our approach.”
Notes for editors
- The Pensions Regulator is the regulator of work-based pension schemes in the UK. Its statutory objectives are: to protect members’ benefits; to reduce the risk of calls on the Pension Protection Fund (PPF); 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 the regulator’s functions under Part 3 of the Pensions Act 2004 only).
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