The Pensions Regulator (TPR) received seven whistleblower disclosures in 2022/23, marking a 99.9 per cent fall on the 7,476 disclosures received in 2021/22.

TPR's latest update confirmed that it had taken further action in relation to all seven of these disclosures, the majority of which were reporting a suspected breach of pension regulations.

“In the instances where we took further action, we used the information to support our supervisory work or shared information with our regulatory partners,” the regulator stated.

“The action we take is consistent with the principles set out in the Regulator’s Code. We are a risk-based regulator that must carry out our activities in a way which is proportionate, accountable, consistent, transparent and targeted.

"In this context, whistleblowing disclosures help us to inform our intelligence and enforcement action and take action where we see it as appropriate.”

TPR also confirmed that, even in instances where it did not undertake enforcement action due to a disclosure not meeting the qualifying criteria, the information gathered was used to inform its strategic intelligence picture.

TPR had previously predicted a fall in the number of whistleblower disclosures received, after implementing a new policy precisely outlining the definition of a 'whistleblower' from TPR’s perspective.

In line with this this, there has been a reduction in the number of reports which met the specified criteria.

However, TPR clarified that it continues to receive a large volume of reports from savers and its regulated community highlighting concerns in relation breaches of pension regulations.

As a public body The Pensions Regulator (TPR) is legally required to report on the whistleblowing disclosures received from certain workers.

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