On 17 April 2009, the Pensions Regulator (TPR) published its Corporate Plan for 2009 to 2012 (the Corporate Plan), which TPR feels reflects the pressures that trustees and employers are facing in the present economic climate.
The Corporate Plan focuses on five themes, which are:
- Theme 1: Improving governance and administration, where TPR’s objectives are to continue to promote good practice in relation to key aspects of governance and administration - record keeping, winding up, member communication, conflicts of interest. It also aims to continue to develop its trustee education programme and to ensure that trustees understand and comply with the Myners principles.
- Theme 2: Reducing risks to defined benefit (final salary) scheme members and protecting members’ benefits by continuing to operate the scheme funding regime effectively, taking account of the wider economic climate. TPR will also aim to ensure that trustees and employers understand the scheme funding regime, and that corporate transactions are completed in line with legislative and code requirements.
- Theme 3: Reducing risks to defined contribution (money purchase) scheme members, where TPR aims to ensure that trustees understand and mitigate the risks to both retirement options and member communications, and that employers, advisers and trustees understand and mitigate the risks to defined contribution scheme members.
- Theme 4: Preparing for 2012. TPR’s aims here are focused on delivering its employer compliance objectives in relation to the Personal Accounts regime within budget and so that external stakeholders have confidence in the design of the employer compliance regime.
- Theme 5: Better regulation. Objectives include improvement of communication channels, delivering risk-based regulation in line with best practice and the improvement of internal policies and processes.
- Of most immediate interest are TPR’s comments on its new approach to longer recovery plans in the context of Theme 2.