As a consumer, I am a big fan of the concept of dashboards. A brilliant idea. As a lawyer advising pension plan trustees, I am looking forward to helping my clients to make them a reality. Until now, dashboards have felt a long way off in the future and there has been no shortage of … Continue Reading
The new Pension Schemes Act 2021 paved the way for potential changes to the notifiable events framework which is intended to give The Pensions Regulator (TPR) early warning of possible calls on the Pension Protection Fund. The Department for Work and Pensions (DWP) has now issued draft regulations (Draft Regulations) and consulted on proposed changes … Continue Reading
As far back as February 2019, I blogged that plans were afoot to strengthen the powers of The Pensions Regulator (TPR). The Pension Schemes Act 2021 (PSA21) has been a long time in the making. It was enacted some two years later, in February of this year and many of the proposed measures, which I … Continue Reading
Getting started on a project is often the most difficult part. If I put off doing something (personally or professionally) the task looms over me like a little black cloud, and somehow that cloud seems to get bigger every time it enters my thought process. In a cartoon-like manner, the cloud starts to follows me … Continue Reading
If you were under the impression that the single code of practice would be a consolidation of existing codes, then the content of this blog will come as a surprise! The Pensions Regulator (TPR) has published a consultation on the first phase of replacing the existing Codes of Practice with a single, online Code of … Continue Reading
Taking a look across the generations, The Pensions Regulator (TPR) has set out its blueprint for the future of pensions regulation in a 15-year strategy aimed at protecting savers in the short and long term. The strategy focuses on TPR’s commitment to evolve from a scheme-based view to one that puts the saver at the … Continue Reading
Let’s start with the key point. If you get a knock on the door from The Pensions Regulator (TPR) then take a deep breath, do not panic and check your insurance policy as soon as you possibly can. TPR has promised to be “clearer, quicker and tougher” and we have certainly seen the regulator ramp … Continue Reading
The pension schemes bill has been issued, giving The Pensions Regulator (TPR) stronger powers, but its passage through parliament is far from over. The new bill legislates for “collective money purchase benefits” and the pensions dashboard, it amends the scheme funding provisions of the Pensions Act 2004 and introduces changes to the individual transfer regime … Continue Reading
The DWP is consulting on new powers for The Pensions Regulator (TPR). The consultation covers: Notifiable events framework Declaration of intent (new) Voluntary clearance Engagement with other regulators Fines Contribution notices and financial support directions Of particular note are the new civil and criminal sanctions. The DWP is proposing that TPR should be able to … Continue Reading
Four trustees of an occupational defined benefit pension scheme have been fined £500 each by the Pensions Regulator (TPR) for their failure to obtain audited scheme accounts on time without reasonable excuse. This is the first fine of this type, and follows TPR’s announcement in 2017 that it was going to be “clearer, quicker and … Continue Reading
You never know who is listening! Back in April last year we told the tale of the “granny turned wolf” as the Pensions Regulator (TPR) began to bare its teeth and prosecute those who had failed to comply with notices issued under s72 Pensions Act 2004 requiring information/documentation to be provided to it to assist in … Continue Reading
