The new Chief Executive of The Pensions Regulator, Charles Counsell, today set out how he will lead the organisation to ensure savers are treated fairly.
In his first speech since taking up the post in April, Mr Counsell outlined how he will deliver TPR’s goals and priorities.
Speaking at the Pension Benefits UK conference, Mr Counsell told delegates: “I’m here to deliver. Deliver the standards savers rightly expect and deliver robust protection for them. I want savers to have confidence their pensions are safe.”
TPR is currently going through significant change in the way it regulates. By working proactively with more pension schemes through a new range of approaches, TPR is clearly setting out its expectations, understanding the impact of any risks on savers and taking tough action where necessary.
“I am committed to delivering the change and concluding the transformation,” Mr Counsell said.
He will also talked about the importance of the individual saver, and how regulators, government and the industry must work together to ensure they are protected. “People are now, more than ever, being encouraged to engage, plan and understand their pension. This is a huge cultural change. And it’s why we at TPR must increase our focus on savers.”
Mr Counsell added that pension savers are “individuals who carry the risk – and who are largely neither engaged nor experienced at managing this risk”.
He also set out how TPR is working to ensure savers are treated fairly: “They are people who need to be better supported and crucially better protected. It’s right that we hold to account those who put savers pensions at risk. We have used more of our powers, more often and been creative in using the law to protect savers.”
Notes for editors
TPR is the regulator of work-based pension schemes in the UK. Our 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 TPR’s functions under Part 3 of the Pensions Act 2004 only).