October 28, 2020

Volume X, Number 302

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tPR vows to protect long-term savers

Earlier this week, the Pensions Regulator (“tPR“) published a strategy paper (“Corporate Plan“) outlining that its focus for the 2020-2021 financial year would be protecting long-term savers.

The Corporate Plan has been “radically” rethought and adjusted to reflect the realities of how the pensions’ landscape has changed because of the Coronavirus pandemic.

Objectives

The Corporate Plan outlines tPR’s six objectives:

  1. to protect the benefits of members of occupational pension schemes;
  2. to protect the benefits of members of personal pension schemes where direct payment arrangements are in place;
  3. to promote and to improve understanding of the good administration of work-based pension schemes;
  4. to reduce the risk of situations arising which may lead to compensation being payable from the PPF;
  5. to maximise employer compliance and employer duties and the employment safeguards introduced by the Pensions Act 2008; and
  6. in relation to DB scheme funding, to minimise any adverse impact on the sustainable growth of an employer.

Shifting priorities

tPR had intended to announce new regulatory initiatives, to continue to extend its “regulatory grip“, but it paused the launch of that plan and focussed on its longer-term ambitions such as extending its supervision approach on more schemes.

The Corporate Plan highlights that tPR will be keeping its support of workplace pensions schemes at the heart of its strategy. It will also be intervening where appropriate so that DB schemes achieve their long-term funding strategy and deliver on pension promises.

Ultimately, tPR recognises that, “the best support for a pension scheme is a strong and solvent employer, which is why we will continue to support UK businesses while protecting the interests of the country’s pension savers“.

Comment

The watchdog has had to narrow in on the issues that COVID-19 and the turbulent economic climate is having on the pensions’ scene. This has been a trend in recent months with campaigners and other government agencies, and it suggests an authentic commitment to monitoring the risks presented by these uncertain times.

© Copyright 2020 Squire Patton Boggs (US) LLPNational Law Review, Volume X, Number 185
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About this Author

Garon Anthony Litigation Attorney Squire Patton Boggs Birmingham, UK
Partner

Garon is a partner in the Litigation Practice Group. He advises clients across the full range of commercial dispute issues, including cyber liability/data breach, professional negligence, banking, pensions and insurance.

Garon regularly acts for clients who are subject to investigations or disciplinary proceedings by national and international regulators, including most recently the Financial Conduct Authority, the Financial Reporting Council and the Dubai Financial Services Authority.

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Rose Chaudry, Squire Patton, Commercial Litigation Lawyer, Tortious Contracts Attorney
Associate

Rose Chaudry is an associate in the Litigation team with expertise in general commercial litigation. Rose qualified in September 2015 after completing her training contract with the firm.

Rose regularly acts for a diverse client base, including individuals and companies, from SMEs to PLCs. Rose has experience advising on a wide-range of matters of both a contractual and tortious nature, including breach of contract, breach of warranty, debt recovery, professional negligence and insurance.

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