DWP says TPR is 'well-run' but needs to be tougher

After a review launched earlier this year the DWP has concluded that The Pensions Regulator is “broadly well-run and well-regarded” but has set out a series of recommendations to improve the regulator. FCA regulator executive and lead reviewer Mary Starks said TPR needs to take “tougher action” to counter criticism that it is “overly risk averse.” In the report’s recommendations, she wrote: “TPR has a thoughtful approach to driving compliance by both employers and pension schemes, based on facilitating and encouraging compliance where possible, backed up by enforcement action as necessary. “This is effective at driving compliance but leaves some stakeholders questioning TPR’s appetite to punish wrongdoing. It is important that TPR is known for taking tougher action when necessary.” The review was launched in February to look at how the TPR is performing and where it could improve to provide "greater efficiency and value to taxpayers.” The review was in line with government policy that stipulates that public bodies should be reviewed each Parliament. The report also highlighted that the question of how UK pension funds are invested has come under the spotlight. It said that it is important that TPR plays “an authoritative part in these policy discussions, as an informed and expert voice aligned with the interests of savers.” The report also discussed the question of TPR’s growth, pointing out it “has grown significantly in recent years reflecting additional workload associated with EU exit and the pandemic, as well as the addition of new responsibilities.” The report recommended that: “To avoid inexorable growth as its remit expands TPR must find ways to discharge existing functions more efficiently, and plans to do this through digital transformation. Getting this right should be a key focus for TPR’s leadership in the coming period.” Looking ahead it recommended that the regulator should remain a standalone entity “for the time being”, keeping strong lines of communication with the FCA, HMRC and other public bodies. Longer term, it advised the DWP to keep the institutional framework under review as pensions and employment policy and the pensions sector continue to evolve.

DWP says TPR is 'well-run' but needs to be tougher

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