UK pensions watchdog is ‘more visible’ as spending goes up

News


16 Jul, 2018

UK pensions watchdog is ‘more visible’ as spending goes up
 
The Pensions Regulator (TPR) in the UK has said that it is now a “more visible and proactive regulator” that is working in a “clearer, quicker and tougher way” in its annual report and accounts, which reveal that its spending increased by £8.7m in the last financial year.

TPR spent £83.5m during 2017-18, compared with £74.8m during 2016-17. The regulator’s outgoings were £100,000 more than the budget allowed for.

In the accounts report, the watchdog affirmed that it had met most of its targets and priorities, such as supervising the implementation of auto-enrolment, pushing up standards of trusteeship and acting more rapidly with underfunding or avoidance in DB schemes.

Chairman Mark Boyle said: “TPR is more than just a regulator of DB pensions…We have been working to put new safeguards in place around master trust schemes, successfully implement workplace pension saving for nearly 10 million people and drive up standards of trusteeship across all schemes including public service schemes.

“Last year we set ourselves stretching KPIs to drive our clear, quicker, tougher aims. Meeting these targets is testament to the hard work, dedication and professionalism of our growing workforce. We carry this momentum into this year, determined to further evolve into a regulator fit for the future, and ready to meet the challenges that lie ahead.”

TPR chief executive Lesley Titcomb added: “It has been a challenging but successful year, one in which we have learnt lessons, and, thanks to our TPR Future programme, we have become a stronger and more effective regulator. We are transforming the organisation to be more vocal and visible, using powers for the first time and more frequently while working more closely with our stakeholders and those we regulate.”