UK. Regulator pledges to act quickly on DB pension problems
The Pensions Regulator (TPR) has promised to act quickly when it identifies problems with defined benefit (DB) schemes.
In its corporate plan for 2017-2020 TPR also said master trust regulation would be a priority.
TPR will spend an additional £7.9 million in 2017-18 compared to last year, £3.5 million of which will be spent on the implementation of a master trust authorisation regime and an increase in frontline resources to tackle defined benefit failures more efficiently.
The remainder is associated with the continued roll-out of automatic enrolment duties to employers.
TPR has promised to deliver more interventions more quickly where DB schemes are underfunded or avoidance is suspected.
The report states: ‘This year we will again be placing more of the resources available to us in our frontline regulation teams. We’ll also be placing more focus on proactive casework, and improving the way we identify cases that present the biggest risks to members, intervening early before recovery plans are submitted.’
TPR will also be placing a greater emphasis developing its approach and interactions with smaller schemes.
Full Content: City Wire
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