The Pensions Regulator has published its corporate plan for the next three years. Implementation of auto enrolment among smaller employers and meeting the new requirement in the Pensions Bill to support DB funding arrangements compatible with sponsors’ sustainable growth are key goals identified in its approach to regulation up to 2016.

The Pensions Regulator’s chair Michael O’Higgins said: “We are working with DB schemes to help them put in place funding solutions that balance the need to provide security for members with the needs of employers, given current economic pressures. We will also consult later in the year on a new funding code of practice, and on our approach to regulating DB schemes. This work will be informed by our new statutory employer growth objective, recently set out in draft legislation.”

Chief executive Bill Galvin said auto-enrolment had made “an encouraging start”, but that many of the biggest challenges would be in ensuring medium and small employers comply. The Regulator would be contacting employers over the period with tools and information, as well as working with intermediary and adviser groups.

“In partnership with the Department for Work and Pensions and the Financial Conduct Authority, we will work with the pensions industry to encourage the provision of quality DC pensions that can deliver good outcomes for auto-enrolled workers. We will also look to make it as easy as possible for employers to choose good pension schemes for their employees,” he said.

The plan includes an update to the TPR’s “strategic themes” guiding its work. These include reducing risks to defined benefit scheme members, improving outcomes for defined contribution scheme members, improving governance and administration, maximising employer compliance with automatic enrolment and delivering operational efficiency and effectiveness.

The regulators operations are growing “in scope and scale”, it noted. The TPR’s projected budget over the period is expected to rise from £66.6m in 2013-2014 to £87.9m in 2015-2016.

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