The Pensions Ombudsman (TPO) has published its annual report and accounts for 2023–24, covering TPO's achievements as well as performance data and summaries of investigations carried out over the year. The report highlights TPO's Determinations, the work of its Pensions Dishonesty Unit to support those impacted by scams, conclusions of investigations into two schemes and progress made on other investigations involving nine schemes. TPO has also addressed the challenges faced in 2023–24 which affected its inability to repeat the previous year's success, which include the long-term rise in demand, complex cases which continue to remain within TPO's caseload, challenges in recruiting and retaining skilled staff and a cyber incident which affected service delivery.

The Pensions Ombudsman (TPO) has published a blog post by Chief Operating Officer Robert Loughlin discussing TPO's Operating Model review, including ideas for reducing waiting times and improving the service. In the blog post, Loughlin confirms the three areas TPO will be prioritising this year include resolution team changes, expedited determinations, and its thresholds for accepting complaints. TPO will deliver a full programme of changes over the next three years but aim to achieve an improved position over the next 12 to 18 months.

Pensions analysis: The Deputy Pensions Ombudsman has rejected a complaint about the calculation of a statutory compensation payment. Martin Scott of gunnercooke LLP looks at the decision.

Law360: The Pensions Ombudsman (TPO) said that its funding has failed to keep pace with the rising caseload of complaints, forcing it to look at artificial intelligence to help reduce waiting times.

The Pensions Ombudsman (TPO) has confirmed in a letter to the Work and Pensions Committee that it is considering leading counsel’s advice on whether it has jurisdiction to determine issues relating to statutory public sector injury benefit/compensation schemes following the 2024 Court of Appeal’s ruling in Clark v Chief Constable of Derbyshire Constabulary that a police disablement gratuity was not an occupational pension scheme under section 1 of the Pension Schemes Act 1993. Both TPO and the Pensions Regulator only have jurisdiction in respect of occupational pension schemes and personal pension schemes. TPO is therefore concerned it may be necessary to reject or discontinue up to 60 current cases. This would lead to some individuals having no access to any ombudsman, meaning their only recourse is to bring complaints before the courts involving considerable financial risk. TPO has confirmed that it is liaising with the government and keeping them updated as it develops its position on the issue.

Law360: The Pensions Ombudsman (TPO) has said it will expand its frontline casework teams by a fifth this financial year after improved performance results led to additional government funding.

The Pensions Ombudsman has announced that there will be a hearing on 11 June 2024 as part of its investigation into complaints made by two applicants against the trustees of the Embolden Executive Pension Scheme. Those wishing to attend the hearing should contact the Pensions Ombudsman before 28 May 2024 so that the necessay arrangements may be made.

A charitable academic organisation funded by the industry and well-wishers to provide independent research on pensions and pensions policy.

The Pensions Regulator was established under the Pensions Act 2004 to replace the dysfunctional OPRA in April 2005. Its main purposes are to: protect the benefits of members of company pension arrangements (whether trust or contract based); keep claims on the Pension Protection Fund to a minimum; and facilitate good pension administration.

A tribunal has been established to hear references from the Pensions Regulator's determinations. The decisions of the tribunal can be appealed on a point of law to the Court of Appeal (or Court of Session in Scotland).

Law360: On 29 August 2024, the Pensions Regulator (TPR) urged the country's largest retirement plans to adopt draft rules on providing value for money before they are officially implemented to help iron out technical kinks before they are rolled out to the wider sector.

Pensions analysis: The Pensions Regulator’s (TPR) long-awaited General Code of Practice (the General Code) has now been finalised and laid before Parliament. The General Code is expected to come into force on 27 March 2024. It is intended to set out (in TPR's words) ‘a single set of clear, consistent expectations’ as to scheme governance and administration. To this end, the General Code brings together and updates the contents of 10 existing Codes of Practice. It also includes modules which are entirely new, primarily to cover requirements of the Occupational Pension Schemes (Governance) (Amendment) Regulations 2018 (the ‘2018 Regulations). Richard Evans, partner at Mayer Brown, considers the new General Code and its implications for pension schemes.