TPR has issued a publication reviewing its operation to date and setting out its strategy leading up to the Personal Accounts changes due to be effected in 2012.
TPR has identified 4 key areas:
- preparing for the 2012 reforms and the new functions for TPR under the current Pensions Bill, including achieving a new objective to maximise employer compliance with their new duties, regulating the Personal Accounts regime and considering the wider impact of reform;
- key money purchase or defined contribution (DC) risks including investment, charges and decumulation;
- key final salary or defined benefit (DB) risks of funding and market transitions such as buy-out; and
- administration and governance.
This strategy confirms that TPR is focusing increasingly on DC risks, which is unsurprising given the number of employers considering closing their DB schemes and making alternative DC-based arrangements.
View the Corporate Strategy (517KB)(pdf