The Pensions Regulator (TPR) has pledged to help employers prepare for automatic enrolment, improve standards of governance and administration, and fill deficits as soon as reasonably affordable in its fourth corporate plan.

2010-13 will see TPR continue to protect members' benefits in an uncertain climate, and has overhauled the design and content on its website in anticipation of its new duties.

The website is now user-friendly for employers, individuals, pension professionals and trustees, and also features new information for employers to help them to prepare for the upcoming workplace pension reforms.

The Regulator said it will continue to: emphasise the importance of trustees setting prudent funding targets, and agreeing to fill deficits as quickly as possible; support employers in getting to grips with their new employer duties to auto-enrol employees into workplace pension schemes, designing and building an effective compliance regime to aid them; and focus on standards of delivery of defined contribution (DC) schemes, expecting trustees and providers to ensure they are run effectively and are suited to members' needs.

TPR will also work to improve administration standards across the industry, raise governance by trustees, monitor risk transfers and will continue to direct its resources in the areas of greatest risks to members - educating and enabling the industry to respond, and reducing the risk of calls on the Pension Protection Fund (PPF).

"The persistent effect of the downturn on pension schemes and sponsoring employers, together with preparations for workplace pension reform, mean a busy and challenging time ahead," commented chief executive, Tony Hobman. "The recent Hampton Implementation Review recognised the progress we have made, and it's important we build on those achievements.

"Our goal will be to maintain a sharp focus on protecting members' pension benefits and the PPF, taking regulatory action if necessary, without creating unnecessary burdens on businesses."

Employers will receive a leaflet in the coming weeks to inform them of their new workplace pensions reform duties, followed by further web content later in the year.

Share Story: