The Pensions Regulator today unveiled its corporate plan setting out its priorities for the next three years, placing an emphasis on value for money in defined contribution schemes and help for small firms to comply with auto-enrolment duties.
Its plan outlines the regulator's strategic approach to regulating both defined benefit and DC schemes.
Interim chief executive Stephen Soper said: 'To help us achieve our aims, we will be focusing on overarching corporate priorities, rather than rigidly adhering to a silo-based approach with our individual lines of business.
'Over the next few years we will be embedding the new growth objective into our DB work, helping DC schemes assess their value for money, and supporting SMEs in complying with their [auto-enrolment] duties, amongst other activities. It is crucial that we approach these challenges with organisational flexibility if we are to regulate effectively in today's ever-evolving pensions landscape.'
TPR chair Mark Boyle added that it was important for the regulator to remain an agile organisation able to adapt to fresh challenges, whilst maintaining its focus on good outcomes for retirement savers.
The focus on raising awareness and understanding of governance and administration in DC schemes would continue, the regulator said, while for DB it plans to encourage trustees to take an integrated approach to risk management, considering employer covenant, funding plans and investment strategy in the round.
TPR added that its aim was to promote security and good governance for members of work-based pension schemes. 'We will support trustees to put in place funding plans that reflect a reasonable balance between the need to pay promised benefits whilst minimising the impact on employer growth,' its plan stated.
The corporate plan also details how the regulator will maximise compliance with auto-enrolment duties, focusing on preparing medium, small and micro employers to stage from this year to 2018.
'Over this time we will continue to implement our compliance strategy and enforce against breaches where appropriate,' TPR said.
Additionally, TPR said it would investigate pension liberation activity and fulfil its extended remit of regulating the governance and administration of public service pension schemes.
