29/1/2010
By Sophie Baker
The Pensions Regulator (TPR) has received a thumbs-up for its risk-based approach to regulation in an independent review by the Better Regulation Executive (BRE) and the National Audit Office (NAO).
The report, which forms part of a series of reviews to audit national regulators’ performance against the ‘Better Regulation’ agenda, concludes that TPR has met expected standards.
The regulator’s pragmatic approach has been singled out as a key strength, for its responsiveness to changing economic circumstances and business needs; a risk-based approach integrated in the culture of the organisation; good stakeholder relations; effective risk identification systems and for addressing these risks; and a clear and developing evidence base as the foundation for regulation.
Angela Eagle, Minister of State for Pensions and the Ageing Society, said: “Effective regulation to protect members’ benefits is essential work. Recognition for implementing good practice is a testament to the ongoing efforts of this important organisation.”
Tony Hobman, chief executive at TPR, added that the regulator’s next challenge will be 2012. “As the landscape we regulate continues to evolve – and we prepare for our new responsibilities from 2012 – our focus will be on ensuring our risk-based approach to regulation remains fit for purpose.”
The report does suggest some improvements too, such as: effective guidance channels for reaching smaller pension schemes and employers; clarifying the approach to TPR’s new responsibilities for regulating employer compliance under the Pensions Act 2008; and improving communication for its approach to the regulation of trust-based DC schemes.
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