The Pension Regulator (TPR) is stepping up its regulatory monitoring to guarantee that savers continue to benefit from pensions.
It will create three new regulatory functions starting in April with the goal of safeguarding, improving, and innovating in the best interests of savers.
The new regulatory functions are: Regulatory Compliance, which will concentrate on protecting pension savers’ interests by providing effective regulatory compliance services; Market Oversight, which will strategically engage with schemes and stakeholders to ensure value for money and trusteeship and finally Strategy, Policy, and Analysis, which will use insights to develop the regulatory framework and promote market innovation for the benefit of savers
It will be supported by essential functions: operations, digital, data and technology, and people.
TPR chair Sarah Smart says: “We are moving from a fragmented pensions landscape of thousands of small schemes to an environment of fewer, larger schemes. That means we need to change our regulatory approach to protect savers in the future.
“The market should expect us to engage with it differently from now on. Our new structure means we will be swifter to address compliance failures and market-wide risks while being more dynamic in our industry engagement and bringing innovation to the fore.”
TPR chief executive Nausicaa Delfas says: “We have to make sure that workplace pensions work for savers. Our organisational changes are about bringing our talented and capable colleagues together to protect, enhance and innovate in savers’ interests.”
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