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Growing number of small schemes hit with governance fines, TPR reveals


By Sophie Smith

The Pensions Regulator (TPR) has urged small defined contribution (DC) schemes that are failing to compete with better governed larger ones to consider winding up, after it revealed that a growing number of small schemes have been hit with fines for poor governance.

TPR's latest enforcement bulletin showed that the regulator issued almost £100,000 in penalties to small DC schemes for governance failures related to the more detailed value for members (dVFM) assessments


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'Time is right' to review the PPF’s governing legislation

The Pension Protection Fund (PPF) has said the “time is right” to review several key areas of its governing legislation, recognising that stakeholders want to see progress on the legislation governing its levy and the levels of indexation it pays

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TPR to extend oversight to include professional trustee firms

The Pensions Regulator (TPR) has announced that it will extend its oversight to include professional trustee firms as part of its move to a more prudential style of regulation

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Govt urged to put private capital in the ‘shop window’ for pension investments

The government has been urged to consider supporting a new programme to increase opportunities for investing in venture and growth capital funds, in order to help encourage UK defined contribution (DC) pension schemes to invest in private capital

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Pension investors told not to panic amid market turbulence from Trump’s tariffs

Pension investors should remain calm despite market turbulence caused by US President, Donald Trump's tariffs, Hargreaves Lansdown head of retirement analysis, Helen Morrissey, has said

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Industry experts welcome TPR's plans to roll out formal framework for PT oversight

Industry experts, including professional trustee firms and associations, have been quick to welcome the news that The Pensions Regulator (TPR) is planning to extend its oversight to include professional trustee firms

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Understanding risk appetite ‘key’ to avoid spiralling costs during buyout

Corporate sponsors could face "significant" costs if they don’t consider their risk appetite before engaging with insurers as they plan a buyout and wind up of their defined benefit (DB) pension scheme, Hymans Robertson has warned in its latest paper

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DB members fear govt’s plans to extract surplus cash for employers

Six in 10 (60 per cent) defined benefit (DB) pension members fear the government’s plans to allow employers to extract surplus cash from their schemes would create risks for them and other members, research from Pensions Insurance Corporation (PIC) has found
Aberdeen transfers £3bn of pension scheme policies from Phoenix Life Limited

Aberdeen has announced that £3bn of pension scheme policies have transferred from Phoenix Life Limited to abrdn Life and Pensions Limited (abrdn Life)
Safety net needed to give DB schemes confidence to use surplus funds, govt told

The government has been urged to provide a greater safety net for defined benefit (DB) pension schemes through the Pension Protection Fund (PPF), in order to encourage investment and spur economic growth
Market value of private sector DBH schemes falls; insurance policies hit record high value

The market value of private sector defined benefit and hybrid (DBH) pension schemes fell by 1 per cent between 31 March and 30 September 2024, despite an increase in asset values, data from the Office for National Statistics (ONS) has revealed

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FCA approves launch of two Aegon LTAFs

The Financial Conduct Authority (FCA) has granted approval for Aegon UK to launch the final two of its long-term asset funds (LTAFs), following the approval of the first fund last month
Calls grow for 'fairer' FOS as pension redress remains at ‘historic low’

The ongoing review of the financial ombudsman service (FOS), along with broader attempts to lighten the regulatory load, offers a "significant" opportunity to rebalance the relationship between consumers and advisers in pension redress cases, First Actuarial has argued


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