The Pensions Regulator (TPR) has produced a short report which summarises the key findings on its working practices, and the main recommendations which will be taken forward to address the challenges it faces. The report follows an external review commissioned by PwC and further research by Britain Thinks.
The review sought to understand the current perceptions of the Regulator, what the future risks for the Regulator might look like, and how their current approach may need to change in order to respond to those risks.
The way in which pensions are regulated will experience further changes this winter once the Department for Work and Pensions (DWP) publishes its white paper on the future of defined benefit (DB) pension schemes.
Review recommendations
The review provided a number of recommendations for TPR to consider. These were assessed in turn and then split into six key groups.
- External reputation
- TPR’s identity
- Broadening the regulatory approach
- Exercising the full range of powers
- Improving regulatory activity
- Evolving the operating model