A statement from The Pensions Regulator (TPR) on an announcement from the Department for Work and Pensions (DWP) regarding new powers for TPR.
Nicola Parish, Executive Director for Frontline Regulation at TPR, said:
“We welcome the proposed new powers which, as a package, would allow us to identify potential problems earlier and take more effective action.
“The vast majority of scheme sponsors and trustees already do the right thing and we will be helping them further by delivering clearer funding standards and a revised Defined Benefit (DB) Code of Practice.
“Our new powers will act as a powerful deterrent against the poor treatment of pension schemes and help us in protecting members.
“We are working closely with government to ensure that the new legislation is effective and works in practice.”
Notes to 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; 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).
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