Delivering the best possible outcomes for savers with auto-enrolment and addressing the funding issues faced by employers will be key priorities for The Pensions Regulator over the next four years.
Publishing its Corporate plan 2013-16 today, the regulator said the initial stages of auto-enrolment had been a success but it would need to maintain this momentum as the focus shifted to 'more challenging' groups of employers.
'This requires that we work effectively across government to concentrate the minds of all the relevant departments and agencies on the factors that will make this huge social endeavour a success,' it said.
The regulator added: 'We will work with our government partners to provide as much education and enablement as we can to employers and their advisers - increasing their awareness of the challenge ahead and their understanding of the key tasks they are required to perform.'
In 2013/14 in particular, the regulator has also committed to take regulatory action, where required, in line with its compliance and enforcement strategy. It will also publish an updated code of practice on reporting late payment of contributions to defined contribution occupational and work-based personal pension plans.
Bill Galvin, chief executive of the regulator, added: 'In partnership with the Department for Work and Pensions and the Financial Conduct Authority, we will work with the pensions industry to encourage the provision of quality DC pensions that can deliver good outcomes for auto-enrolled workers.
'We will also look to make it as easy as possible for employers to choose good pension schemes for their employees.'
The corporate plan confirms the regulator's commitment to review its code of practice for scheme funding as well as its approach to the regulation of defined benefit schemes in line with its new statutory objective to consider employer growth when regulating schemes.
Michael O'Higgins, The Pension Regulator's chair, said: 'We are working with DB schemes to help them put in place funding solutions that balance the need to provide security for members with the needs of employers, given current economic pressures.
'We will also consult later in the year on a new funding code of practice, and on our approach to regulating DB schemes. This work will be informed by our new statutory employer growth objective, recently set out in draft legislation.'
The current financial year is also expected to see the regulator finalise its regulatory strategy for DC schemes, including the publication of a new code of practice and a compliance and enforcement strategy.
It also aims to raise awareness among pension trustees and providers of its principles and features for good work-based DC schemes.