The Pensions Regulator (TPR) has improved pension industry standards, and protected more schemes than ever before, according to its 2019-2020 Annual Report and Accounts (ARA).
The ARA has showcased that the organisation has successfully completed national auto-enrolment, placing 98% of employees onto a pension scheme. Through introduced master trusts, 16 million members are in better-protected schemes. TPR has also seen to repair contributions and has improved the average length of recovery plans re-submitted to TPR, decreasing to 7.1 years from 7.5 years.
During the Covid-19 (Coronavirus) pandemic, there have been initiatives introduced to provide clear guidance to pension members and stakeholders to ensure that employers and trustees are dealing with the crisis.
Mark Boyle, chairman at TPR, said: “Our annual report demonstrates how our clear, quick, tough approach left us in an excellent position to adjust to the Coronavirus pandemic at the end of the financial year.
“Our organisational structure and culture provided a solid base for our Coronavirus response. We have continued to support those we regulate to manage risks and protect pension scheme benefits in an effective, confident and organised way.
“Undoubtedly, we will continue to be affected by external challenges – but I’m confident we will be able to maintain our focus on our statutory duties and ensure workplace pensions continue to work.”