The Pensions Regulator wants to take a “fresh look” into how it oversees defined benefit pension schemes, including how it selects cases and the guidance it publishes.
In a blog on the TPR website, chief executive Lesley Titcomb says the flexibility of the DB framework that was put in place 11 years ago has worked well but it is time to re-examine it.
Titcomb says: “While already adapting to changes in the risks facing schemes and their members, we are looking at how our approach to regulation needs to evolve to meet future challenges and deliver effective regulation over the next 10 years or so.”
TPR will look at the guidance it makes available, how it communicates, how it prioritises, selects and conducts cases and whether it can collect and use data better.
Titcomb adds: “And this needs to go right across all our regulatory activity – DB, DC, public sector schemes and automatic enrolment.”
Titcomb says TPR has submitted evidence to the work and pensions committee inquiry and to the Department for Work and Pensions that suggests parts of the regulatory framework that could be reviewed, including its clearance and information gathering powers.