TPR urges trustees to begin preparation now for Pension Schemes Bill reforms
The Pensions Regulator (TPR) has urged trustees of defined contribution (DC) pension schemes to take practical steps now to prepare for the Pension Schemes Bill and ensure they continue to provide quality services. In a speech delivered at a pensions industry Defined Contribution Conference, TPR’s interim director of policy and public affairs, Patrick Coyne, said TPR will seek to bridge the gap between the introduction of new duties under the Bill and the current need to govern schemes well and deliver high standards for savers. He outlined four key themes that run across the Bill’s DC-related provisions: being saver outcome-focused, building scale, becoming data-led and accountable, and innovating at retirement. TPR confirmed it will continue to work closely with the Department for Work and Pensions (DWP) and the Financial Conduct Authority (FCA) to support implementation. It also encouraged trustees to participate in consultations and industry forums as the Bill develops.