The Pensions Regulator (TPR) has published its plan for the next three years, stating that it will focus on five themes relating to defined benefit (DB) and defined contribution (DC) schemes and auto-enrolment.
The five aims contained in TPR's corporate plan are to reduce risks to DB scheme members, to improve outcomes for DC scheme members, to improve governance and administration, to maximise employer compliance with auto-enrolment and to deliver operational efficiency and effectiveness.
As part of TPR's strategy for DB regulation, it said that it will review and consult on revisions tot eh scheme funding code of practice as well as on its approach to the regulation of DB schemes, which will be published as a regulatory strategy.
Regarding DC regulation, TPR said that it will finalise its regulatory strategy for DC schemes, including the publication of a formal response to its DC consultation, a new code of practice and accompanying guidance for DC schemes, and a compliance and enforcement strategy.
TPR will also provide information to employers of their new duties surrounding auto-enrolment and will continue to work with other agencies to raise awareness of, and disrupt, pension liberation fraud.
Bill Galvin, TPR chief executive, said: "Automatic enrolment has made an encouraging start, but many of the biggest challenges still lie ahead as we help medium and small employers to comply. To aid these preparations, we will be contacting employers, providing tools and information suited to their needs and working with intermediary and adviser groups to build understanding.
"In partnership with the Department for Work and Pensions and the Financial Conduct Authority, we will work with the pensions industry to encourage the provision of quality DC pensions that can deliver good outcomes for auto-enrolled workers. We will also look to make it as easy as possible for employers to choose good pension schemes for their employees."
Galvin also announced that David Farlow has been appointed as TPR's new executive director covering transformation, operational support, finance, human resources, information technology and procurement.
Farlow has held various operations and transformation executive roles with companies, such as Capital One, Wells Fargo, Lloyds TSB, and British Gas. He succeeds Stuart Weatherley, who left the regulator at the end of the financial year after six years in the post.
First published 21.05.2013
monique_simpson@wilmington.co.uk
