The Pensions Regulator is to receive an additional £400,000 to support policy work in relation to the pension dashboard project in 2019/20.
According to its Corporate Plan 2019 – 2022, published yesterday (May 16), the regulator is receiving £7.6m in additional levy funding from the Department for Work and Pensions for this tax year.
However, only a small part of this will be spent on the pension dashboard project, which will allow savers to see all of their retirement pots in one place, giving them greater awareness of their assets and how to plan for their retirement.
The TPR will be responsible for supporting policy work around the dashboard.
The first one, a non-commercial service hosted by the Money and Pensions Service – the new name of the Single Financial Guidance Body - is expected to be launched this year.
An industry delivery group, brought together by the guidance body, will then set out a timetable for other fully operational dashboards, as well as setting standards and ensuring security across the portals.
The remaining extra funding for TPR will be split among different areas: £1.2m for a scams campaign to raise awareness, £1.3m to support ongoing work in respect of the Pensions Bill, and £1.8m for work on the additional employer pension contributions across the public-sector schemes.
The regulator is funded through a grant-in-aid from the DWP, which is recoverable from a scheme levy relating to Pensions Act 2004 duties, and a separate grant-in-aid from general taxation relating to the auto-enrolment programme arising from Pensions Act 2008 duties.
In its corporate plan, TPR promised a more proactive and targeted approach, which will result in hundreds more schemes being contacted in the coming year.
Communication duties and TPR’s expectations will be sent to defined benefit schemes, newly authorised master trusts, defined contribution schemes and new employers with auto-enrolment responsibilities, it stated.
Mark Boyle, TPR’s chairman, said: "Trustees, employers and increasingly savers know we are taking a clear, quick and tough approach when holding to account those who fail to do the right thing by their scheme members.
"The past year has seen our first prosecution for fraud, our first custodial sentence, and the courts handing down the largest ever fine following a TPR prosecution. We have also seen a number of high profile cases being resolved, including Southern Water agreeing to pay £50m into its pension scheme under a shortened recovery plan.
"This year our corporate plan goes further to define the key outcomes that we aim to achieve through our work, and how we will evaluate those outcomes to demonstrate the effectiveness of our role."
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