Over the past 12 months at TPR we’ve often talked about how we are becoming clearer, quicker and tougher in our approach to regulation.
Many of you will have seen or heard about some of our high-profile enforcement action, with offenders picking up criminal records, heavy fines and even suspended prison sentences for failing to obey the law.
It’s right that we are taking a tougher stance against those who fail to comply with their pension duties.
But as our recently-published quarterly compliance and enforcement bulletin spells out, being clearer and quicker is also about preventing problems arising to protect member benefits before enforcement action is needed.
Early engagement by our teams is encouraging more trustees to do the right thing sooner.
We’re getting in touch with schemes and trustees at an earlier stage than before, to get them to do the right thing, on time.
We’re being clearer with trustees about what they have to do and that we will move quickly to take action if they don’t.
The approach has led to a dramatic increase in the proportion of scheme returns submitted on time and has ensured we have received recovery plans more quickly.
We want to ensure members get the greatest possible benefit from their pensions. Our new approach is helping us do just that.