TPR conducting compliance checks on large employers

The Pensions Regulator (TPR) is carrying out compliance spot checks on some of the UK’s largest employers that were among the first required to comply with auto-enrolment.

It said it was conducting the checks to ensure that thousands of savers continue to receive the pensions they are due.

The short notice inspections began last month (January 2020) and will continue in “the coming months”.

To date, banks, local authorities, supermarkets and national charities are amongst the large firms that have already been checked, covering nearly half a million employees.

Commenting, TPR director of automatic enrolment, Darren Ryder, said: “Large employers led the way at the start of automatic enrolment by successfully meeting their new duties - and compliance soon became the norm for all employers.

"Compliance with the law remains high and these inspections help ensure that these employers are continuing to meet their on-going duties, including re-enrolment.

"Millions of staff depend on large employers to do the right thing so that they do not miss out on the pensions they are entitled to.”

The inspections follow a round of visits in spring 2019 to large employers to ensure they were complying with their auto-enrolment duties.

TPR said that it will use information gathered from the inspections to identify any common themes and “lessons to be learned”.

Inspections to check compliance are mandatory for employers and TPR stated that it will take action if non-compliance is identified.

    Share Story:

Recent Stories

Managing volatility
In the latest Pensions Age podcast, Laura Blows speaks to Cambridge Associates head of European pension practice, Alex Koriath, about the Covid-related market volatility and how pension funds can prepare for the challenges ahead

De-risking options for pension schemes
In this latest Pensions Age podcast, Linklaters' Sarah Parkin talks to Laura Blows about the wide range of choice available to pensions schemes for the partial, or full, removal of their risks

Risk transfer opportunities
Laura Blows speaks to Lisa Purdy, Head of Fiduciary Distribution at Legal & General Investment Management and Gavin Smith, Pricing and Execution Director - UK PRT at Legal & General, about the impact of the recent market volatility on the bulk annuity and risk transfer market and the potential opportunities for the future

Bulk annuities during coronavirus
Laura Blows speaks to Just business development manager Prash Mehta about the impact of coronavirus on transactions