Millions of people pay into workplace pensions they’ll rely on for an income when they retire. And, to make sure they’ll get that income, we’re helping The Pensions Regulator (TPR) keep pace with changes to pensions.
With these changes, come more varied risks: from not having enough money to pay members’ pensions, to not having accurate enough records to track contributions and pay members what they’re due. We’re working with TPR on their transformation project, aiming to become a ‘clearer, quicker, tougher’ regulator – and help schemes limit those risks.
We brought extensive experience from working with other regulators and an established approach to business design and agile implementation. Working as an integral part of the TPR team, we helped develop and are embedding a new regulatory model that means they can:
Set out more clearly what’s expected of pension scheme trustees
TPR is tailoring its guidance for different types of schemes – from the smallest for a handful of employees to the biggest with thousands of members. TPR is making sure protecting members receives increased focus. And it’s making the guidance relevant to all trustees whether they’re pensions experts or not.
Reach a broader range of schemes
They’re introducing ongoing supervision for the largest or riskiest schemes. That will increase reach, reinforce TPR’s expectations, provide consistency, encourage compliance and influence behaviours across a wide range of risks and schemes.
Become more proactive
By taking advantage of the opportunities for automation and access to big data, TPR can intervene proactively and address potential risks before it’s too late.
We’re working with TPR teams to develop, test and implement all these changes in an agile way so they quickly become part of everyday business. They’ll mean TPR can help more pension scheme managers and trustees – and protect more savers.
