The Pensions Regulator (TPR) has set out its strategic approach to regulating defined benefit (DB) and defined contribution (DC) pension schemes, and maximising employer compliance with auto-enrolment duties in its latest corporate plan.
The strategic themes in the Corporate plan 2013 – 2016 include:
- Reducing risks to DB pension scheme members.
- Improving outcomes for DC pension scheme members.
- Improving governance and administration.
- Maximising employer compliance with auto-enrolment.
- Delivering operational efficiency and effectiveness.
TPR will also consult on a new funding code of practice and on its approach to regulating DB pension schemes later in 2013.
Michael O’Higgins, chair of TPR, said: “We are working with DB schemes to help them put in place funding solutions that balance the need to provide security for members with the needs of employers, given current economic pressures.
Bill Galvin, chief executive at TPR (pictured), added: “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.”