Pensions - Articles - TPR welcomes the reintroduction of the Pension Schemes Bill

 Charles Counsell, Chief Executive of The Pensions Regulator, said: “We welcome the prompt re-introduction of the Pension Schemes Bill and look forward to working with the DWP as it progresses. The measures the Bill proposes will allow us to continue in our commitment to be a clearer, quicker and tougher regulator. The Bill would give us the power to set and enforce clearer scheme funding standards in Defined Benefit pension schemes while also providing early warning of potential problems. Where problems do arise, new criminal sanctions and civil fines will act as a strong deterrent against risky and reckless behaviour, giving us flexibility to issue fines at the appropriate level, depending on severity.
 
 “We also welcome the innovation of Collective Defined Contribution if this can provide better outcomes for savers and employers without increasing risk. We are working closely with government to ensure an effective regulatory regime.

 “We support new powers to protect individuals’ pension savings. Pension Dashboards will be a vital tool for savers to understand their pensions and plan for retirement.”