In what has been a busy few weeks for its staff in Brighton, the Pensions Regulator has published its Corporate Plan for 2007-2010. The Plan reviews the Regulator’s achievements to date, sets out its strategy and aims, and explains how its resources will be used over the next three years.
In the Plan, the Regulator identifies the following key priorities:
- Strengthening funding for defined benefit schemes – the Regulator aims to ensure that the requirements of the Pensions Act 2004 are met; that trustees obtain scheme valuations and that in instances where a scheme is in deficit, a recovery plan is in place.
- Improving the governance of work-based pensions – the Regulator aims to ensure that trustees continue to develop and demonstrate knowledge and understanding of scheme governance requirements.
- Identification of key risks to defined contribution schemes – the Regulator aims to increase awareness of these risks amongst trustees and those who run pensions schemes.
- Delivery of effective risk-based regulation by sustaining a continuous improvement culture.
The corporate plan sits alongside the Regulator’s medium term strategy document published back in April 2006, which sets out the Regulator’s view of the pensions environment and the key challenges facing the Regulator in its first 3 years. The Corporate Plan is available at www.thepensionsregulator.gov.uk/pdf/corporatePlan2007-2010.pdf.