The Pensions Regulator (TPR) issued six section 72A (s72A) requests to pension schemes in 2024 requiring people to attend interviews, compared to just one s72A request between 2018 and Q1 2024, according to new data obtained by Eversheds Sutherland.

The data, obtained under the Freedom of Information Act, showed that, in total, TPR issued six s72A requests in 2024 (three each in Q2 and Q3), compared to just one since 2018, which occurred in Q3 2022.

The data also revealed that the number of s72 requests from the regulator dropped from a peak of 49 in Q4 2018 to 11 in Q4 2023.

However, requests rose from 1 in Q1 2024 to 15 in Q2 and 12 in Q3. While still below the 2018 peak, Eversheds Sutherland said that the data demonstrates that requests are trending higher across 2024 compared to 2023 and 2022.

Eversheds Sutherland also highlighted the “surge” in s72A requests more broadly as evidence of an “intensified focus on compliance and governance within pension schemes”.

Eversheds Sutherland partner, Claire Carroll, stated: “The dramatic increase in s72A requests for people to attend interviews and potential rising trend in s72 requests from TPR is a clear indication of TPR’s intensified focus on compliance and governance within pension schemes.

“S72 requests require significant work, and for large schemes with extensive data, this could be an enormous task.

“The added pressure of attending interviews to answer whatever questions TPR might have will cause concern for those that are unused to the process and who might not be on top of the day to day detail.

“With the regulator also pushing for more professionalism among trustees, the increase in requests will likely create heightened risk and concern among both individual professional trustees and their respective firms.

“The prospect of facing more rigorous oversight and higher expectations from the regulator emphasises the vital importance of having robust governance and compliance processes.”

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