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TPR Powers and Priorities in Pension Regulation

Learn about The Pensions Regulator's risk-based regulation, key risks, corporate priorities, powers, and case examples to ensure pension scheme integrity. This insightful presentation by Nicola Parish covers essential topics from the TPR. Topics include the regulatory approach, priorities, and enforcement actions related to pension schemes.

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TPR Powers and Priorities in Pension Regulation

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  1. TPR Our powers and priorities Nicola Parish Executive Director of Frontline Regulation Occupational Pensioners’ Alliance AGM 4th May 2017

  2. Agenda • TPR priorities • TPR powers • Case examples. This presentation remains the property of The Pensions Regulator. The content of these slides should not be reproduced without express permission.

  3. Risk-based regulation • Current approach – Educate, Enable and Enforce • TPR’s approach to regulation is risk-based • We monitor the landscape for risk through: • information gathering • research and analysis • intelligence • information sharing with other regulators and government • This allows us to focus our resources on matters that present the greatest risk to our statutory objectives This presentation remains the property of The Pensions Regulator. The contents of these slides must not be reproduced without express permission.

  4. Key risks • Sub-scale schemes • Poor standards of stewardship • Disorderly scheme failures • Poor data integrity and security • Economic and market outlook This presentation remains the property of The Pensions Regulator. The content of these slides should not be reproduced without express permission.

  5. 3 of TPR Corporate Priorities 2017/18 • Deliver more interventions, more quickly, where defined benefit schemes are underfunded or avoidance is suspected. • Drive up standards of record-keeping and data maintenance, including public service schemes. • Drive up standards of trusteeship across all schemes, with a particular focus on chairs and professional trustees. This presentation remains the property of The Pensions Regulator. The content of these slides should not be reproduced without express permission.

  6. TPR powers Our powers fall into these broad categories: • Gathering information: our legal powers to compel the provision of information, including visits, inspections and in limited circumstances, interviews. • Regulatory and enforcement action: • powers to impose fines, Improvement Notices; requiring a report from a skilled person and putting an independent trustee into a pension scheme. • Powers that get cash or other support (e.g. a guarantee) for a pension scheme where an employer has tried to avoid their pension scheme liabilities or where the scheme is insufficiently resourced. • Powers to impose recovery plans or a schedule of contributions in a DB scheme if the trustee and employer can’t agree or if they have agreed something that we think is not appropriate. This presentation remains the property of The Pensions Regulator. The contents of these slides must not be reproduced without express permission.

  7. Ashley Wilson • Criminal prosecution – firm and individual • S72 Notice • Guilty plea • Fine Mr Wilson £4,000 Firm £2,700 (discounts for guilty plea) • Costs Mr Wilson £7,500 and Firm £2,500 • We will take action

  8. BHS case This presentation remains the property of The Pensions Regulator. The content of these slides should not be reproduced without express permission.

  9. BHS case: outcome This presentation remains the property of The Pensions Regulator. The content of these slides should not be reproduced without express permission.

  10. Halcrow case: outcome This presentation remains the property of The Pensions Regulator. The content of these slides should not be reproduced without express permission.

  11. TPR Our powers and priorities Nicola Parish Executive Director of Frontline Regulation Occupational Pensioners’ Alliance AGM 4th May 2017

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