4. Ensuring staff have an opportunity to save into a qualifying workplace pension, through automatic enrolment 5. Enabling workplace pensions schemes to deliver their benefits through significant change, including responding to Brexit 6. Building a regulator capable of meeting future challenges
TPR will also be working with the DWP, the Money and Pensions Service, the Financial Conduct Authority (FCA) and the dashboard delivery group to develop the regulatory framework for effective consumer-facing dashboards. TPR’s record-keeping and data quality initiatives will be vital for the successful introduction of the pensions dashboard. Thanks to the success of automatic enrolment TPR has already made a lot of progress in protecting the 10 million people either newly saving or saving more. With the increase in contributions, it is more crucial than ever that savers have confidence that their pensions are safe. TPR’s authorisation programme ensures master trusts are run by fit and proper people and have the right systems, processes, plans and finances in place. TPR’s workforce has face increased pressures and the transformation as a regulator has meant significant changes to what the teams do, as well as how they do it. TPR has stated that it remains committed to the individual personal development of each member of the team to ensure it can do the best job possible on behalf of pension savers.
This year’s Corporate Plan will ensure that TPR builds on the progress made over the last couple of years and will continue to make workplace pensions work while providing value for money for its regulated community.
TPR has pledged to maintain the momentum from the changes in its regulatory approach to ensure that it is clear in its expectations of schemes and trustees, quick to spot and act on issues emerging and tough in its pursuit of those who do not fulfil their duties and obligations.
For full details see TPR’s 2019 - 2022 Corporate Plan.
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Latest Countdown Bulletin published 3 July 2019
The latest Countdown Bulletin provides important guidance and updates to pension scheme administrators about the end of contracting-out. Although contracting-out came to an end in April 2016, schemes are still submitting termination and transfer notices with end dates on or after 6 April 2016. The National Insurance Services to Pensions Industry (NISPI) countdown bulletins provide additional guidance for pension scheme administrators to enable them to make sure all individuals contracted out pension rights are secured correctly.
Countdown bulletin 46 has updates on: • Scheme Financial Reconciliation • Scheme Financial Allocations •
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Previous editions of the Countdown Bulletin are also available on GOV.UK
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The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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