The role of the Pensions Regulator in respect of public sector schemes
Produced in partnership with David Gallagher of Fieldfisher

The following Pensions practice note produced in partnership with David Gallagher of Fieldfisher provides comprehensive and up to date legal information covering:

  • The role of the Pensions Regulator in respect of public sector schemes
  • What are public sector pension schemes?
  • The management structure of public sector schemes
  • The powers of the Pensions Regulator
  • Code of Practice
  • Knowledge and understanding
  • Conflicts of interest
  • Managing risks
  • Records and administration
  • Maintaining Contributions
  • More...

The role of the Pensions Regulator in respect of public sector schemes

The Pensions Regulator is the statutory body that regulates occupational pension schemes with a view to (among other things) protecting members' benefits, minimising claims on the Pension Protection Fund, and promoting and improving the understanding of the good administration of work-based pension schemes.

This Practice Note looks at the requirements and recommendations of the Pensions Regulator in relation to public sector pension schemes, which until 2014 had largely been outside the Regulator's scope. In particular, it considers the public sector schemes under the Regulator’s remit and the Regulator’s requirements in relation to:

  1. management structure

  2. knowledge and understanding

  3. conflicts of interest

  4. risk management structure

  5. records and administration

  6. dispute resolution, and

  7. reporting requirements

What are public sector pension schemes?

There is no single definition of what constitutes a public sector pension scheme, but since the Public Service Pensions Act 2013 (PSPA 2013), it is becoming common practice to consider schemes under that Act as public sector schemes and those not under that Act as not public sector schemes.

Some schemes operating in the public sector may benefit from other exemptions which take them outside the control of the Pensions Regulator, for example, schemes that are for only one member or that are unfunded. Such schemes are sometimes found in respect of senior officials, such as the chair of a

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