Pensions - Articles - TPR updates Corporate Plan to address COVID challenges

Protecting savers and driving up standards in workplace pensions remains at the heart of The Pensions Regulator’s new Corporate Plan

 The plan for 2020-21 sets out TPR’s priorities for the year ahead and has been adjusted to reflect the realities of how the pensions landscape has changed because of the pandemic.

 However, it also demonstrates TPR’s ongoing commitment to tightening its regulatory grip through its clear, quick, and tough approach and highlights the importance of working with key government and regulatory partners.

 TPR’s Chief Executive Charles Counsell said: “These are unprecedented times and TPR has responded swiftly and decisively to support savers and those who run pension schemes.

 “Our plan outlines our re-aligned priorities and targets in light of COVID-19. But it also highlights we will not be blown off course and that our standards remain crystal clear.

 “We are unwavering in our approach and we will continue to protect savers by using our powers to tackle those who flout the law, embracing new powers and continuing to forge stronger relationships with schemes so we can continue to support them and be clear what we expect of them.”

 TPR’s Chairman, Mark Boyle said: “Pensions are long-term investments and our corporate plan makes clear that despite the challenges of COVID-19, our continuing focus will be on ensuring savings are safeguarded for generations to come.

 “I am extremely proud of how TPR rose to the challenges of this extraordinary new environment. Our clear, quick and tough culture saw us respond flexibly and pragmatically to the COVID-19 pandemic. We were able to quickly bring in the right measures to help schemes and employers navigate these turbulent times.

 “We know the best support for a pension scheme is a strong and solvent employer, which is why we will continue to support UK businesses while protecting the interests of the country’s pension savers.”

 As well as supporting the delivery of benefits through changes driven by the pandemic, the plan outlines TPR’s continued commitment to protecting savers across all types of schemes through regulatory interventions and scheme supervision. Regulatory initiatives, paused due to COVID-19, will restart at the appropriate time.

 The plan also confirms TPR’s determination to maintain the fight against pension scams by empowering savers and taking action against fraudsters, working with Project Bloom partner agencies.

 TPR will also continue to support defined benefit schemes to achieve their long-term funding strategy and ensure those staff eligible are automatically enrolled into a workplace pension and receive the contributions they are legally entitled to.

 The plan also highlights TPR’s on-going priority to improve governance by providing clarity and promoting the high standards of trusteeship and administration expected.

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