TPR have some useful updates which might be of interest to you

New code of practice: interim response

The regulator has published an interim response to the consultation on their new code of practice. TPR said it received 10,000 answers from a total of 103 respondents representing private and public service schemes and service providers.

TPR's 15 existing codes of practice are set to be transformed into a clearer, more accessible single online code, providing one up-to-date and consistent source of information on scheme governance and management.

Following the consultation launched in March, the interim response adds that with the help of key stakeholders, a programme of virtual events, run in addition to the consultation paper, also enabled TPR to engage with more than 1,000 members of the pension’s community despite restrictions on social contact being in force to combat the COVID-19 pandemic. 

Read the full press release here.

Read the full interim response here.

Action Fraud webinar

Join TPR for a webinar on reporting pension scams, hosted by Action Fraud. The webinar will share when and what to report, and who to report scams too. It will feature expert speakers and will include a short Q&A session at the end. There are three dates available to view the webinar:

Compliance and Enforcement bulletin

New figures released today show The Pensions Regulator’s overall use of its automatic enrolment enforcement powers is back to pre-pandemic levels following necessary measures introduced to support employers at the start of the crisis.

TPR’s latest compliance and enforcement bulletin come as the regulator warns employers not to neglect their workplace pensions duties as the economy recovers.

Automatic Enrolment Director Mel Charles said: “We have been clear with employers throughout the pandemic that they continue to have automatic enrolment duties and the majority have done the right thing for their staff despite the challenges.

“While we introduced measures in the early months of lockdown to allow struggling employers more time to achieve compliance and avoid being unduly fined, figures published today demonstrate we have continued to robustly protect savers, using our powers where necessary to protect savers.” 

Highlights of the bulletin include:

  • Between January and June 2021, TPR issued 35,087 Compliance Notices, compared to 25,783 between July and December 2020.
  • TPR issued 11,921 Unpaid Contributions Notices compared to 4,090 in the previous 6-month period, 22,542 Fixed Penalty Notices compared to 8,445 and 7,407 Escalating Penalty Notices compared to 2,964.
  • The total number of statutory powers used in respect of Frontline Regulation was 288 between January and June compared with 268 for the previous 6-month period.

Check out the bulletin by clicking on the relevant link below: