TPR consults on consolidated enforcement policy and updated prosecution policy

The Pensions Regulator (TPR) has launched a consultation on its new consolidated draft enforcement policy and an updated prosecution policy.

The regulator said the new and updated policies aim to help those facing or affected by enforcement action to understand the approach taken by TPR.

It has proposed that the enforcement policy consolidates previous policies for defined benefit, hybrid, public sector and defined contribution pension schemes.

Furthermore, both policies have been updated to include the new powers that were granted to TPR in the Pensions Schemes Act 2021 and to “reflect its experience” from using its existing enforcement powers.

TPR stated that the new powers from the act strengthen its regulatory framework so it can gather evidence more efficiently and respond to events or conduct that could impact schemes.

The Pension Schemes Act 2021 also introduced a number of sanctions and deterrents against actions that could result in members’ pension being put at risk or impede the regulator’s investigations.

TPR noted that while it was developing policies to explain its approach to the new powers, it found that it needed to be clearer about all its enforcement powers through more streamlined policy documents.

The regulator’s existing enforcement policies for auto-enrolment, master trust authorisation and upcoming collective defined contribution schemes were not included in the draft policies being consulted on.

“We want to be clear with the pensions industry about our approach to enforcement and prosecution,” said TPR executive director of regulatory policy, David Fairs.

“With our new powers to help us ensure savers’ money is secure, we felt it was timely to review our existing policies and consolidate them where possible, so they are easier to navigate.

“These two policies explain what targets or those affected by enforcement action should expect from TPR, from the point of our opening an investigation through to the conclusion of any enforcement action.

“We’ve simplified, consolidated and clarified the way in which our regulated community accesses important information about enforcement.”

The consultation closes on 24 June 2022.

    Share Story:

Recent Stories


Making pension engagement enjoyable through technology
Laura Blows speaks to Nick Hall, business development director and Chartered Financial Planner at UK-based Wealth Wizards about the opportunities that technology provides for increasing people’s engagement with pensions and increasing their retirement wealth.

ESG & DC – creating the right tools
In the latest of our series of Pensions Age video inteviews Francesca Fabrizi, Editor in Chief of Pensions Age is joined by Manuela Sperandeo, Head of Sustainable Indexing EMEA, BlackRock and Mark Guirey, Executive Director, Asset Owner and Consultant Coverage - MSCI to discuss some key trends of ESG investing among UK pension funds today

Multi asset credit
Pensions Age editor, Laura Blows, discusses multi asset credit with Royal London Asset Management senior fund manager, Khuram Sharih
Pensions Age podcast: buy-outs and buy-ins for member and employer nominated trustees
Pitfalls and good practice when approaching insurers with Pensions Age editor, Laura Blows, Martin Parker (Just Group) and Akash Rooprai (ITS)