Pensions - Articles - TPR focused on savers needs at a pivotal time for pensions


TPR has published its Annual Report and Accounts for 2022 to 23, a year in which it implemented new responsibilities, made clear its expectations of trustees and progressed work to ensure pensions provide good value for money (VFM).

 TPR Chief Executive Nausicaa Delfas, who took up her role in April 2023, said: “We are witnessing a pivotal moment in pensions with a steady but inevitable move from defined benefit to defined contribution arrangements, and the consequent transfer of risk from employer to saver. Right across the pensions market, TPR plays an integral role in protecting savers’ money, enhancing the pensions system, and supporting innovation in the interests of savers”.

 The 2022 to 2023 Annual Report and Accounts highlights a number of achievements for TPR, including:
 setting clear expectations for trustees through guidance in new areas, including environmental social governance and equality, diversity and inclusion matters
  
 issuing strong guidance on liability driven investments (LDI) in November 2022 with an update this April
  
 assessing and authorising the UK’s first collective defined contribution scheme and a new master trust
  
 intervening in 22% of schemes, an increase on last year’s 16%
  
 publishing a strategy to combat pension scams: 601 organisations have now signed TPR’s pledge to combat pension scams campaign and / or pledged to meet its principles
  
 publishing a joint consultation on a VFM framework for defined contribution schemes, which received more than 80 responses
  
 TPR Chair Sarah Smart said: “In another action-packed year, we have been steadfast in our goal of protecting and enhancing retirement savings, against the backdrop of a volatile economy and unpredictable world events.

 “Working closely with government and our regulatory family has never been more important — whether in the context of giving trustees clear advice on LDI, funding of defined benefit schemes, fighting scams or ensuring the industry is ready for the arrival of pension dashboards.

 “The past year also saw us focus on two new areas — the value in having a diverse trustee board and the importance of taking climate and sustainability into account when making investment decisions.”

 TPR Annual Report and Accounts for 2022 to 23

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