On 20 April 2009 TPR published a statement to the regulated community, which is intended to alert that community to the potential risks in running pension schemes, particularly in the economic downturn, and to encourage trustees and other individuals to contact TPR if they have any concerns.
The statement also reminds schemes, trustees and advisers of the important role of whistle-blowers and seeks to reassure the regulated community that, where necessary, TPR will take sanctions against “unacceptable behaviour”.
Tony Hobman, TPR’s chief executive, said:
“In these tougher times, we will continue to monitor the economic situation and, along with our partners, continue to focus on the key risks in the system to ensure that the promises made in pensions are upheld.
“We remain assured that the regulatory framework is flexible enough to cope with the impact of the economic downturn, and will continue to remain vigilant through the downturn and encourage others to do the same, and to contact us if they have concerns.
“In doing so, we hope to ensure uniform adherence to the high standards shown by the vast majority to secure a level playing field and the long-term protection of UK pensions.”
View the statement.