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• Compliance and enforcement : TPR has a thoughtful approach to driving compliance by both employers and pension schemes, based on facilitating and encouraging compliance where possible, backed up by enforcement action as necessary. This is effective at driving compliance but leaves some stakeholders questioning TPR’s appetite to punish wrongdoing. It is important that TPR is known for taking tougher action when necessary. • Digital transformation and value for money : TPR has grown significantly in recent years (in common with many other regulators) reflecting additional workload associated with EU exit and the pandemic, as well as the addition of new responsibilities. To avoid inexorable growth as its remit expands TPR must find ways to discharge existing functions more efficiently, and plans to do this through digital transformation. This represents a great opportunity to transform ways of working but also a significant risk of spending scarce budget badly. Getting this right should be a key focus for TPR’s leadership in the coming period.
It is important to see reviews of bodies that can have such a big impact on our industries, with critical analysis given to a department that is considered well-run to seek further improvements and limit complacency.
What are your opinions on TPR and how it can improve? If you have any comments, please feel free to comment in the “Have Your Say” box, please start your message with “TPR” so we can categorise your comment.
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Do you know your pension? Published: 6 October 2023 Emailed: 11 October 2023
Recent research conducted shows that less than half of UK adults know fundamental information about the state pension and a quarter of pension savers never check their pension.
Research by Moneyhub has found that the disinterest around pensions is more prominent in the over 55s, with 40% saying they never check the value of their pension and a further 20% only checking the value once a year. In comparison, younger generations are becoming more engaged with their pension. 48% of 16-24 year olds and 47% of 25-34 year olds said they check their workplace pension at least once a month.
Some of the key findings from the Moneyhub study, were:
• 25% never check their pension and a further 23% only check once a year • growth of money apps is driving more engagement from young people • commercial pensions dashboards could drive better engagement with future finances • Moneyhub points to upcoming pensions dashboards as a key solution to solving the lack of engagement and savings shortfall within the UK. Mark Horwood- James, MD of Moneyhub Personal Finance Technology, said:
“There is evidently a clear need, and a want, from consumers to gain a better understanding of their pensions and more regularly check in with their expected retirement income. ’’
“However, it's not simply enough to engage more with your pensions, we must look at our finances holistically. Open Finance powered solutions enable customers to better understand all their finances, create lasting savings habits, help switch to better products and find some of their lost pensions. In turn this ensures they have the capacity to save more into their pensions, and make better decisions when it comes to later-life savings. Pensions dashboards when combined with holistic money management tools are a true game changer for the industry and its customers, and at Moneyhub we’re ready to help both today.”
Research from Royal London, uncovers how even though it’s been 75 years since the state pension was launched, less than half of UK adults know fundamental information about the state pension.
It found that over half of those yet to access their state pension (51%) either thought that everyone was automatically entitled to the full state pension amount or didn’t know who is entitled. Almost two fifths of people (37%) thought that men and women were entitled to the state pension at different ages, whereas the age at which men and women can claim their state pension was equalised in November 2018, almost five years ago.
Some of the key findings from the Royal London survey, were:
• fewer than half of those not yet receiving their state pension (46%) knew that men and women would receive the same amount if they had made equal National Insurance contributions (NICs)
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