The Pensions Regulator (TPR) has stated that it remains focused on protecting savers, despite the pandemic.
In its corporate plan released earlier this week, TPR set out its direction over the next year despite the ‘radical rethink’ in response to the pandemic. There had been a Corporate Plan prior to Covid-19 which was set to announce new regulatory incentives, explanations on how they looked to extend their regulatory grip and plans for implementing legislative change.
This plan was put on hold and instead TPR set their priorities on how to address the risks to the saver and how they expect those that they regulate to look after their member’s savings, as well as maintain confidence in pensions.
One way to promote the confidence in pension savings with consumers has been for TPR to work closely with various partners, including the Department for Work and Pension and the Pension Protection Fund, to help protect savers from scams that may risk lifetime savings.
Due to the ever changing circumstances stemming from the pandemic, TPR has recognised that they are required to be more flexible in their approach and expectations of trustees and employers, however they remain clear that they will be touch on fraudsters and wilfully non-compliant employers.
Project Bloom, a multi-agency taskforce, lead by TPR has remained committed to tackling pension scams, by working with partners such as the Financial Conduct authority and the Money and Pensions Service to ensure savers are armed with the information they need to identify a scam and protect themselves.
TPR has also been working closely with employers and trustees to ensure that with scheme valuations becoming more difficult to value, savers’ retirements remain protected . The report stated:
“We will continue to protect pension savers by carrying out targeted regulatory interventions, improving standards of trusteeship and ensuring automatic enrolment continues to provide safe workplace pensions for savers.”
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.”
