TPR says more value for savers’ money is a prioritywritten by Bella Palmer
The TPR’s new corporate plan for 2023 to 2024 sets out important goals for the next year and how the regulator will realise them
The Pensions Regulator (TPR) has said making sure that savers get more value for money is a priority over the next year.
The TPR’s new corporate plan for 2023 to 2024 sets out important goals for 2024 and how the regulator will realise them.
These include on-going work with the FCA and the DWP to develop a framework in terms of value for money.
It will equip those making decisions on behalf of savers with tools to deliver good pension results, more transparency and raise standards.
The plan also sets out the way regulator is getting ready for the launch of new Defined Benefit (DB) Funding Code in April next year that is intended to boost savers’ outcomes in Defined Benefit schemes.
On defined contribution (DC) plans the regulator will work on enhancing outcomes for members enrolled in the schemes.
The Pensions Regulator will also focus more on tackling fraudsters through the Pension Scams Action Group (PSAG).
The regulator will continue to evaluate any collective DC applications for clearance and support scheme preparation for linking to pensions dashboards.
The Pensions Regulator chair Sarah Smart stated: Our latest corporate plan shows how TPR will continue to deliver on our commitment to safeguard saver outcomes, through better trusteeship, governance and fighting fraudsters.
A crucial concept in the plan is that we, along with our partners, expect schemes to provide good value for money. Those that cannot, must improve or leave the market.
We will continue to work closely with our partners and maintain a strong focus on our key areas that ensure compliance with regulations.
The Pensions Regulator chief executive Nausicaa Delfas said: As our corporate plan sets out, we have a full and aspiring agenda for the advantage of millions of savers. We will continue to focus on safeguarding savers’ money, improving the pensions system and, as we look to the future, assisting to drive innovation in savers’ interests.
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