Regulator reveals plans to improve after soul-searching

Regulator reveals plans to improve after soul-searching

The Pensions Regulator has set out a five-point plan for how it can improve following an external review.

The TPR Future review was carried out by PwC because the regulator said it was the right time to “take a step back” and look at it how does its job given the amount of change in the industry.

Among the regulator’s commitments is a pledge to provide greater clarity on its role by clarifying how its responsibilities are split with the Financial Conduct Authority.

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It has also said it will review the relationships it has with those it regulates - employers and those running workplace pensions - and those who advise them.

TPR also said it would improve its regulatory oversight by collecting information and intelligence from a wider range of sources and meeting those it regulates more often.

It has also said it will use a range of regulatory interventions, which includes saying it will “push the boundaries” so its powers are used to maximum effect.

Lesley Titcomb, chief executive of TPR, said: “Given the depth and breadth of change, it’s absolutely right we take a good look at ourselves and the way we work, taking into account the changes already happening and further challenges on the horizon.

“TPR Future is about what we need to do as an organisation to be ready to tackle the challenges we face.

“We need to be poised to address new and specific risks – the inability for some schemes to ever reach the standards we expect, economic conditions placing further pressure on schemes, changes in the employment market and the rise of a gig economy, the impact of Brexit, and other threats to pensions such as cyber attacks.”

TPR has committed to setting clearer expectation of trustees and employers by providing clarity on the standards and behaviours it expects.

It has said it will take action against those it sees as not meeting those standards.

The regulator has also said it will be more efficient and effective by streamlining its governance.

TPR revealed it is now in the next phase of this project, which involves piloting these new approaches.

It has said it will provide an update on its progress in spring 2018.