Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • July 2019
07

TPR tells small pension schemes to quit market

Open-access content Friday 2nd August 2019 — updated 5.50pm, Wednesday 29th April 2020

The Pensions Regulator (TPR) has blasted the “unacceptable” performance of small pension schemes in the UK and told them to improve or leave the market.

2


The criticism came as TPR released figures yesterday showing that only 1% of small schemes with 12 to 99 members meet all the governance standards expected of them.

This is in stark contrast to the 71% of total pension schemes that are meeting all the trusteeship and governance standards, an increase from 54% in 2018 and 32% the year before.

"These figures clearly show that people saving for their retirement are generally far better served by big schemes than small," TPR executive director, David Fairs, said.

"This long tail of smaller schemes which do not meet the standards we expect is simply unacceptable."

The research also found that just 20% of schemes take climate change into account when considering their investment approach, despite this being mandatory from October.

However, three-quarters of schemes reported that they have more than half of the cyber security controls expected by the TPR in place, which were published last year.

And two-thirds of trustees directly contacted by TPR went on to spend more time on governance, with the regulator insisting it is approaching more small schemes.

It said it is taking a more "directive style" of communication, clarifying priorities and providing simple steps for complying with the fundamentals of good governance.

The TPR research also found that 43% of small schemes have considered winding up.

"They recognise that savers will generally get better value in a larger, better-run scheme which can benefit from economies of scale," Fairs continued.

"All trustees - of pension schemes big and small - should be taking their role tremendously seriously and ensuring they are running their scheme properly so savers get a good retirement."


Sign up to our free newsletter here and receive a weekly roundup of news concerning the actuarial profession

This article appeared in our July 2019 issue of The Actuary .
Click here to view this issue

You may also be interested in...

2

Insurance M&A growth hits four-year high

There was a bigger increase in mergers and acquisitions (M&A) completed by insurers in the first half of 2019 than in any six-month period over the last four years.
Friday 2nd August 2019
Open-access content
2

BlackRock loses $90bn investing in fossil fuels

The world’s largest fund manager, BlackRock, has lost more than $90bn (£74bn) investing in fossil fuel companies over the last decade, according to economists.
Thursday 1st August 2019
Open-access content
2

Women save just one-third of what men do for retirement

Women in the UK typically save less than one-third of what their male counterparts do for retirement, research by the Pensions Policy Institute (PPI) has uncovered.
Monday 29th July 2019
Open-access content
2

Cyber crime to cost global economy $5.2trn over five years

The global economy will lose $5.2trn (£4.19trn) over the next five years because of cyber crime, with insurers, banks and capital markets facing a $700bn hit.
Friday 26th July 2019
Open-access content
2

Investment giants predict huge boom in alternative protein market

The alternative protein market will see its value rocket from $19.5bn (£15.6bn) to $100bn within 15 years, an investor network with over $5trn in assets under management has predicted.
Wednesday 24th July 2019
Open-access content
2

Brexit ranked a bigger solvency risk than IFRS 17

Non-life insurers across the UK and Ireland think that Brexit poses a bigger risk to their solvency than IFRS 17, an annual survey by Lane Clark & Peacock (LCP) has uncovered.
Wednesday 24th July 2019
Open-access content

Latest from July 2019

Pension withdrawals hit all-time high

A record £2.75bn was withdrawn from pension savings in the second quarter of this year through flexible payments, according to figures released today by the UK government.
Wednesday 31st July 2019
Open-access content

Investment management fees tumble across asset classes

The average fee for an active global equity mandate has fallen by 11% since 2017 following increased competition and pressure from cheap index-tracking products.
Wednesday 31st July 2019
Open-access content

UK automation doubles in three years

The proportion of work completed using automation in the UK has more than doubled over the last three years, research from Willis Towers Watson (WLTW) has found.
Tuesday 30th July 2019
Open-access content

Latest from small_opening_image

2

COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
Open-access content
2

Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
Open-access content
2

Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
Open-access content

Latest from inline_local_link

2

COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
Open-access content
2

Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
Open-access content
2

Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
Open-access content

Latest from 07

Pension withdrawals hit all-time high

A record £2.75bn was withdrawn from pension savings in the second quarter of this year through flexible payments, according to figures released today by the UK government.
Wednesday 31st July 2019
Open-access content

Investment management fees tumble across asset classes

The average fee for an active global equity mandate has fallen by 11% since 2017 following increased competition and pressure from cheap index-tracking products.
Wednesday 31st July 2019
Open-access content

UK automation doubles in three years

The proportion of work completed using automation in the UK has more than doubled over the last three years, research from Willis Towers Watson (WLTW) has found.
Tuesday 30th July 2019
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Life Actuarial Contract - Capital Project (outside IR35)

England
Negotiable
Reference
149010

Pricing Consultant (Non-Life)

London / Leeds
Up to £70,000 + Benefits
Reference
148996

Senior Actuary

London (Central)
Negotiable
Reference
148991
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ