The regulator of work-based pension schemes in the UK has just outlined its new corporate plan.
Over the next two years, TPR will continue to call on schemes to take its pledge to combat pension scams.
The regulator has highlighted some warning signs of a pension scam.
It says that cold calling about pensions is illegal and a likely sign of a scam. Cold calls used to be scammers' most common method of approach. But, since the cold-call ban was introduced in 2019, their tactics have evolved. Some have moved to sophisticated online models, making contact through social media, or will use friends and family to reach clusters of people. Others will rely on established practices like offering a free pensions review.
The TPR adds that, in the next couple of years, it will also work closely with the Department for Work and Pensions and Financial Conduct Authority on a future consultation for a value-for-money framework, plus assess how smaller defined-contribution schemes offer value for money.
Meanwhile, working with partners on the pensions dashboards programme, TPR will launch a programme of education - highlighting the steps schemes need to take to meet their dashboard duties, including what data to prepare.
TPR plans to launch its second consultation on a new defined-benefit funding code this autumn, with the code operational from September 2023.
Charles Counsell, the regulator’s chief executive, said:
“Our latest corporate plan shows we are well placed to protect savers as the pensions landscape continues to evolve.
“We can’t predict how the challenges of Covid-19, the conflict in Ukraine, the cost of living and climate change will play out in the long term, but it is vital that we and industry are prepared for heightened volatility.
“In these challenging times, we are committed to helping employers comply with their pension duties and to protect the security of their workplace schemes, and are ready to act if they don’t. We continue to support trustees in the effective running of schemes in savers’ best interests.
“TPR will continue to welcome innovation - we will work with our partners to meet the ambitious pensions dashboards legislative timetable, and will embrace new scheme models while overseeing the regulation of superfunds and collective-defined-contribution (CDC) schemes. We will be assessing CDC schemes for authorisation from August.”
TPR will also maintain its focus on encouraging a more diverse and inclusive pension system.
Sarah Smart, TPR chair, said:
“We want to see diverse and inclusive trustee boards making decisions that consider and represent all members. We will publish an action plan setting out how we plan to support the development of more diverse and inclusive boards of trustees and managers.
“We will also be working with government and industry to improve equalities in saving. To this end we support the 2017 automatic-enrolment review proposals which aim to open workplace pension saving to more people.”
Based on tax legislation at the time of publication. Please be aware that there will have been changes since this was published. Speak to your adviser for the most up to date information.
