The Pensions Regulator (TPR), Financial Conduct Authority (FCA), Pension Protection Fund (PPF) and the Money and Pensions Service (MaPS) may be involved during an employer event that could cause concern to pension scheme members.
These government organisations 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 protects savers by making sure that workplace pension schemes are run properly. We work directly with employers and those running workplace pensions, such as trustees of the scheme.
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.
Read more about TPR.
Pension Protection Fund
The PPF protects members of eligible defined benefit pension schemes in the event of employer insolvency. It pays benefits – known as 'compensation' – to members of eligible schemes if their employer becomes insolvent and the scheme’s assets are insufficient to secure at least the compensation levels the PPF would pay out.
The PPF works with scheme trustees and their advisors when a sponsoring employer is in financial distress or facing a major change or 'event' – such as a restructuring arrangement or potential insolvency – which might trigger the PPF to assess whether it should assume responsibility for an eligible scheme.
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Financial Conduct Authority
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
The role of MaPS is to help people make the most of their money and pensions. MaPS operates MoneyHelper, an impartial and free information and guidance service on pensions and money issues, as well as supporting the provision and funding of debt advice.
People can contact MoneyHelper 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.
MoneyHelper 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.
MoneyHelper works with employers and pension schemes to help people get the support they need when they need it most.