View more on these topics

TPR hikes budget by 80% to meet auto-enrol burden

The Pensions Regulator is planning to dramatically increase its budget by 80 per cent as it prepares for millions of small firms to hit their auto-enrolment staging dates.

Its 2015/18 corporate plan reveals it expects its 2015/16 budget to be £76m, rising to £106m in 2016/17 and £137m in 2017/18.

This year’s budget was forecast to be £63m, but has been revised up tp £76m.

It says the 80 per cent increase is “primarily driven by significant planned increases in the cost of the automatic enrolment roll-out” to SMEs.

Around 1.3 million employers have yet to enrol their staff in workplace pensions.

Funding for the regulator comes from a grant from the Department for Work and Pensions and a grant from general taxation specifically to meet the costs of regulating auto-enrolment.

TPR is also planning to increase staff numbers. It plans to employ an average of 499 permanent and fixed term roles over 2015/16, up from 452 people over 2014/15.

In addition, the regulator says its focus will be on tackling pension scams, monitoring defined benefit to defined contribution transfers, transparency in scheme charges and updating codes of conduct.

A TPR spokesman says: ”Growth over this three-year period is primarily driven by increases in the cost of the automatic enrolment roll-out to medium, small and micro employers. We continue to revisit and update the three-year spend profile each year to reflect the latest plans.”

Recommended

1

Steve Webb demands end to pension tax relief tinkering

Pensions minister Steve Webb has called on ministers to cease tinkering with levels of tax-free pension savings – weeks after the Coalition announced a further cut to the lifetime allowance. Osborne announced the limit for tax-free lifetime pensions savings would be cut from £1.25m to £1m in last week’s Budget, effective from April 2016. It is […]

David-Cameron-speaks-before-Budget-2014-700.jpg

David Cameron rules out VAT rise

Prime Minister David Cameron has promised not to increase VAT if a Conservative government is re-elected.  At the final Prime Minister’s Questions of this Parliament today, Cameron responded to a request from Labour leader Ed Miliband to rule out increasing VAT with a simple: “yes”. The Prime Minister described the vow as “a clear promise […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com