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The Regulator Calls…

The Regulator Calls…. Regulation of public service pension schemes from April 2015 Bob Scruton DCLG: Firefighters Scheme Governance Meeting 24 April 2013. The Regulator Calls… Private sector remit. Pensions Act 2004 Regulate work based pensions Statutory objectives:

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The Regulator Calls…

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  1. The Regulator Calls… Regulation of public service pension schemes from April 2015 Bob Scruton DCLG: Firefighters Scheme Governance Meeting 24 April 2013

  2. The Regulator Calls…Private sector remit • Pensions Act 2004 • Regulate work based pensions • Statutory objectives: • Protect member benefits • Reduce calls on PPF • Auto enrolment compliance • Promote good administration • Scale of tPR private sector remit: DB 13 mn members 6K schemes; • DC 3 mn members 41K schemes; Auto-enrolment – all employers • Regulatory approach – Educate, Enable and Enforce • Set of regulatory tools

  3. The Regulator Calls…Application to public service schemes • Pensions Act 2004 regime • Work based pensions • Promote good administration • Pensions legislation? • Structures? • Regulator’s risk based approach • Conclusion: no significant attention

  4. The Regulator Calls…Public Service Pensions Act 2013 • Mainly reform of benefit design • Governance arrangements • Scheme regulations • Scheme advisory board • Scheme manager • Pension board • Explicit regulatory oversight • Governance and administration – not funding • Largely analogous to private sector • Public service pension schemes defined

  5. The Regulator Calls…Public service pension schemes Members Employers (million) L Local government 4.7 7,800 NHS 2.9 1,300 Teachers 1.9 5,300 Civil service 1.7 300 Armed forces 0.8 10 L Police 0.3 60 L Fire 0.1 70 -------- ---------- Total 12.4 14,840 L = local administration -------- ----------

  6. The Regulator Calls…Public Service Pensions Act 2013 • Secondary legislation • Scheme regulations (s3) • Treasury directions on benefit information statements (s14) • Treasury directions on information about schemes (s15) • Records (s16) • Commencement orders

  7. The Regulator Calls…Between now and 2015 • Understanding the schemes and their issues • Publicly available information • Survey • Scheme regs • Regulatory materials • Regulatory strategy and policies • Code of practice • Guidance • Public service scheme website including support material • Build the regulatory team

  8. The Regulator Calls…Code(s) of practice • Pension board knowledge and understanding • Conflicts of interest • Records • Internal controls • Scheme information • Member disclosure • Internal dispute resolution • Late payment of contributions • Whistle-blowing

  9. The Regulator Calls…What will regulation look like? • Educate, Enable and Enforce • PACTT • Consistent with private sector approach • Determined nearer to April 2015 • Driven by the extent of breaches of pensions legislation • Current thoughts

  10. The Regulator Calls…Questions… Over to You ? Bob Scruton and Robert Plumb The Pensions Regulator Napier HouseBrightonBN1 4DW tel: 01273 627611email: bob.scruton@thepensionsregulator.gov.uk email: robert.plumb@thepensionsregulator.gov.uk

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