Pensions offences

The purpose and role of The Pensions Regulator (TPR)

The Pensions Regulator (TPR) was created under section 1 of the Pensions Act 2004 (PeA 2004) as the principal regulator of workplace pension schemes.

The main objectives of TPR are:

1. •

   to protect the benefits under occupational pension schemes of, or in respect of, members of such schemes

2. •

   to protect the benefits under personal pension schemes of, or in respect of, members of such schemes

3. •

   to reduce the risk of situations arising which may lead to compensation being payable from the Pension Protection fund, and

4. •

   to promote, and to improve understanding of, the good administration of work-based pension schemes

Practice Note: The Pensions Regulator—beginners’ guide provides an introduction for people who are new to pensions law to TPR, in particular its role, the duty to report to TPR and TPR’s powers. This Practice Note also looks at the ability for one or more parties to apply for clearance from TPR to protect themselves from the risk that TPR might exercise its moral hazard powers against them.

Practice Note: The