Pensions - Articles - A stronger pensions regulator


The Pensions and Lifetime Savings Association (PLSA) has responded to The Department for Work and Pension's consultation: Protecting DB Pension Schemes – a stronger pensions regulator - the PLSA's full response can be found here.

 Tiffany Tsang, Policy Lead: LGPS and Defined Benefit, Pensions and Lifetime Savings Association, said: “The difficulties facing defined benefit pension schemes today require bold action, and The Pensions Regulator (TPR) is at the heart of both setting standards and preventing poor behaviour. We therefore support the proposals in this consultation document to strengthen TPR’s powers as it’s crucial the regulator can step in, take action, and protect savers.

 “In particular, we recognise the need for additional information gathering powers, increasing the range and strength of penalties available, and updating requirements on when and how companies should offer additional financial contributions to a pension scheme.

 “However, much more detail is needed to ensure that the new powers work and are used proportionately. For instance, it is currently unclear how often the new civil and criminal sanctions powers are intended to be used, and how they will fit into the criminal justice system. There must be a joined up approach with criminal justice agencies and we believe further clarity around the formal stages leading to enforcement action should be included in draft legislation or through guidance.”
  

Back to Index


Similar News to this Story

94 percent view State Pension as an entitlement not benefit
Majority of adults aged 66+ say that Triple Lock is affordable and fair to older generations. Around one in seven rely on the State Pension to provide
Fair play off the pitch
Male players in the English Premier League earn an average of more than £3 million per year, while their female counterparts average around £47,000. T
Why Bitcoin matters to Pension Schemes
Back in November 2024, Cartwright Pension Trusts announced its role in facilitating the first-ever UK DB pension trust investment in Bitcoin. With the

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.