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The Pensions Regulator seeks to provide clarity on its approach to enforcement

The Pensions Regulator seeks to provide clarity on its approach to enforcement

30 May 2022

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What you need to know

  • The Pensions Regulator (TPR) is consulting on a consolidated and simpler enforcement policy, and on an updated prosecution policy.
  • These draft policies take into account TPR’s increased powers under the Pension Schemes Act 2021 and explain what those affected by enforcement action should expect from the point TPR starts an investigation through to the end of any enforcement action.
  • At the same time, TPR has published its response to last year’s consultation on three draft policies covering the use of its new powers and the interaction with existing powers. The parts of this consultation which related to use of overlapping powers and use of TPR’s information gathering powers are incorporated into the new draft enforcement policy (and are not being consulted on again).
  • TPR has also published two policies in relation to its monetary penalty powers, which set out its approach to issuing high fines.

Actions you can take

  • Understand TPR’s approach to enforcement and how this might impact decision-making and corporate activity.
  • Trustees and scheme sponsors should ensure their governance and decision-making framework is up to date and robust to be able to identify and respond to events covered by TPR’s powers.  

A recap of TPR’s enforcement options and outcomes

The finer detail:

For further information, please get in touch with Robert Wallace or William Fitchew or speak to your usual XPS contact.