The Pensions Regulator (TPR) has confirmed that it will be launching a consultation on a new code of practice for the authorisation and supervision of collective defined contribution (CDC) schemes "later this month".

In a blog post, TPR chief executive, Charles Counsell, outlined the regulator’s priorities for 2022, including work on pension scams, climate issues, value for money, innovation and diversity.

As part of this, Counsell confirmed that TPR will be calling on the industry to take part in a consultation on a new code of practice for the authorisation and supervision of CDC schemes later this month, in line with the governments timetable.

"CDC schemes have the potential to change the pensions landscape by offering savers and employers a viable alternative to traditional defined benefit and defined contribution schemes," he said.

"We welcome innovation and we look forward to working with Department for Work and Pensions (DWP) and the industry on the development and expansion of CDC schemes."

In addition to this, Counsell confirmed that TPR's single code of practice is expected to be laid before parliament this Summer, which will make it easier for governing bodies, and those providing professional services, to distinguish between legal duties they must meet and what TPR expects should be done to comply with those duties.

Work around preventing pension scams also remains a priority for TPR, with Counsell calling on trustees to take “a decisive and common-sense approach to the new regulations for halting suspicious transfers so that savers are protected”.

"We want to see more trustees, administrators and scheme managers showing savers they are committed to stopping the scourge of scammers by signing up to our pledge to combat pension scams," he said.

“We’re delighted that so far nearly 400 schemes have pledged or self-certified they meet the campaign’s saver-protecting principles covering an estimated 16 million pension pots.

“However, we want to see increased reporting of suspected scams and every administrator, trustee and provider take responsibility for protecting savers by joining the pledge.”

The regulator is also continuing its efforts to ensure pension savers get good value for their money, emphasising that it does not want to see “savers languishing in poorly governed schemes which do not offer the same value for money as larger schemes”.

In particular, Counsell confirmed that the feedback and next steps following TPR's recent joint discussion paper with the Financial Conduct Authority (FCA) will be published "in the coming months".

“We are committed to moving quickly on developing a common framework which will enable trustees and independent governance committees to compare costs and charges, investment performance and service standards," he said.

Trustees were also urged to continue to build their capability around climate and environmental, social and governance (ESG), and to ensure that the advice they receive from external experts on this is “robust and represents value for money”.

Counsell stated: “If the pandemic has shown us anything it’s that the future cannot be predicted with any certainty – nobody has that magical crystal ball.

"However, come what may, we are committed to striving to ensure all pension savers are protected and the start of 2022 presents an opportunity to look forward to what the new year will bring to workplace pensions.

"Our strategy aims to ensure pensions are protected now and in the future and our focus will continue to evolve from a scheme-based view to one that puts the saver at the heart of all that we do.

“This year we will continue to work with our regulated community to stop the scourge of scammers.

“We also want to see pension schemes embrace the challenges and opportunities of climate change and greater diversity across trustee boards so that decision making is robust and represents all savers."

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