UK. Regulator to monitor 60 pension schemes ‘one to one’
The Pensions Regulator (TPR) is to launch a new approach to its workplace pension regulation which will see it provide ‘one to one’ supervision of 60 pension schemes.
The new range of interventions aim to address risks sooner, clarify the regulator’s expectations and take action where necessary. It will include the introduction of a supervision regime to monitor schemes more closely, with higher and lower intensity interventions dependent on the risks identified.
From next month, TPR will implement one-to-one supervision for 25 of the biggest defined contribution (DC), defined benefit (DB) and public service pension schemes. This approach is to continue to be rolled out to more than 60 schemes over the next year.
In addition, the regulator also plans to a introduce higher volume supervisory approach to address risks and influence behaviours in a broader group of schemes. This will be piloted among approximately 50 DB schemes to assess compliance with messages in TPR’s 2018 annual funding statement. This is ‘specifically concerning whether schemes are being treated fairly when it comes to dividend payments to shareholders,’ TPR said.
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