The Pensions Regulator (TPR) has launched a consultation on its new consolidated draft enforcement policy and an updated prosecution policy.

The regulator said the new and updated policies aim to help those facing or affected by enforcement action to understand the approach taken by TPR.

It has proposed that the enforcement policy consolidates previous policies for defined benefit, hybrid, public sector and defined contribution pension schemes.

Furthermore, both policies have been updated to include the new powers that were granted to TPR in the Pensions Schemes Act 2021 and to “reflect its experience” from using its existing enforcement powers.

TPR stated that the new powers from the act strengthen its regulatory framework so it can gather evidence more efficiently and respond to events or conduct that could impact schemes.

The Pension Schemes Act 2021 also introduced a number of sanctions and deterrents against actions that could result in members’ pension being put at risk or impede the regulator’s investigations.

TPR noted that while it was developing policies to explain its approach to the new powers, it found that it needed to be clearer about all its enforcement powers through more streamlined policy documents.

The regulator’s existing enforcement policies for auto-enrolment, master trust authorisation and upcoming collective defined contribution schemes were not included in the draft policies being consulted on.

“We want to be clear with the pensions industry about our approach to enforcement and prosecution,” said TPR executive director of regulatory policy, David Fairs.

“With our new powers to help us ensure savers’ money is secure, we felt it was timely to review our existing policies and consolidate them where possible, so they are easier to navigate.

“These two policies explain what targets or those affected by enforcement action should expect from TPR, from the point of our opening an investigation through to the conclusion of any enforcement action.

“We’ve simplified, consolidated and clarified the way in which our regulated community accesses important information about enforcement.”

The consultation closes on 24 June 2022.

Share Story: