TPR and the Financial Services Authority (FSA) have jointly produced “A guide on the regulation of work place contract-based pensions” (the Guide). The Guide considers group personal pensions (GPPs), group self-invested personal pensions (SIPPs) and stakeholder plans. However the Guide uses the term “GPP” to cover all these types of arrangements (as does this summary).
The Guide explains the following:
- the framework within which TPR and the FSA regulate the various types of pensions from occupational final salary schemes to individual personal pensions - the FSA regulates the UK’s financial services industry and TPR regulates work-based pension schemes;
- how the regulatory responsibilities of TPR and the FSA overlap where employers offer contract-based pension schemes and, in the event of significant risks affecting GPPs, how the two regulators will liaise regarding any action to be taken; and
- the respective roles of the FSA and TPR. These are illustrated in a useful table of key areas of focus.
Case examples are also given for several scenarios, including member complaints, late payment of contributions and administrative system error.
View the guide