In a blog post published on 5 September 2024 the Pensions Regulator (TPR) warned that it may penalise and use enforcement action against trustees and scheme managers who fail to comply with their pensions dashboards duties contained in TPR’s new pensions dashboard compliance and enforcement policy guidance, which was published alongside its response to the consultation on the draft compliance and enforcement policy. TPR received 48 responses to the consultation on the draft policy from a wide range of stakeholders,   with most respondents agreeing with the principles, key risk areas and approach, and confirming that they understood the expectations and regulatory considerations. However, some concerns were raised in respect of third-party co-operation, scheme-specific issues and differing interpretations of the policy intent and TPR’s remit. TPR has used this feedback to finalise its approach and clarify its pensions dashboard compliance and enforcement policy guidance.

The Pensions Regulator (TPR) has issued new guidance on private market investments in an effort to help scheme trustees consider better outcomes for savers by investing in private market assets. The guidance highlights that with accurate advice and effective governance, private market assets can play a valuable role in a diversified portfolio. This guidance comes following the government’s Mansion House reforms and its push to enable the financial services sector to unlock capital for UK industries and increase pension scheme investment returns.

The Pensions Regulator (TPR) has published the recording of the automatic enrolment webinar it hosted on 6 March 2024. The webinar explored the nuances of tax relief and qualifying earnings, giving practical examples of postponement and addressing the topic of redeclaration, as well as highlighting the updates made to TPR's website to improve its ease of use and accessibility.

The Pensions Regulator (TPR) has published a regulatory intervention report detailing its full investigation into The Meghraj Group Pension Scheme (MGPS) after a payment of £3,688,108 was directed by a subsidiary of the scheme’s employer to an entity outside the employer group. The report details how TPR used anti-avoidance powers to issue a £1.8m contribution notice (CN) against a director of The MGPS and agree a settlement with another. It also provides clarity in respect of how CN sums should be calculated.

The Pensions Regulator (TPR) issued a regulatory intervention report on Friendly Pensions Limited on 24 October 2024. TPR has described the case as complex requiring fast decisive action combined with a strategic approach to remove the affected schemes from the control of fraudsters, prosecute those responsible, and protect savers from further harm. The scam outlined in the s89 regulatory intervention report had been active between 2012 and 2014 when 245 members of pension schemes were persuaded to transfer a total of £13.7m in pension savings into 11 schemes. Ten of these schemes were controlled by parties who operated out of a call centre in Spain and were both trustees of the schemes and also directly involved in persuading members to transfer their pension savings. TPR has stressed that whistleblowers were pivotal to the success of its case and has called upon trustees, their advisers and pension savers who have any suspicions or concerns about the way their workplace pension is being run, to first make a report to Action Fraud and to also consider reporting their concerns to TPR. Independent trustees, Dalriada Trustees Limited, were appointed by TPR in December 2014 to secure scheme assets and an initial payment of £13.2m has since been paid by the Fraud Compensation Fund to those affected schemes.

The Pensions Regulator (TPR) has published the regulatory intervention report on the Newburgh Engineering Co (NEC) Ltd Pension and Assurance Scheme. The scheme is a small defined benefit (DB) pension scheme with about 100 members and had a funding deficit of £2.32m as at the last valuation on 31 March 2014, prior to the employer’s insolvency. TPR has used its anti-avoidance powers to pay £3.52m into a DB pension scheme after restructuring activity put assets beyond the reach of the scheme when its sponsoring employer went into administration.

The Pensions Regulator (TPR) has published a regulatory intervention report under section 89 of the Pensions Act 2004, in relation to the Dosco Overseas Engineering Limited (1973) Pension & Assurance Scheme case against SMT Scharf AG (Scharf), whereby Scharf sold the Dosco Group to a management buy-out company, which led to employers being unable to support the pension scheme. TPR sets out its use of anti-avoidance powers to issue a £2m contribution notice to an overseas parent company, which led to a £130,000 settlement for the 584 members of the defined benefit pension scheme. TPR also adds that that the use of its powers between July 2021 to December 2021 has remained ‘broadly steady’ since the previous bulletin covering January 2021 to June 2021.

The Pensions Regulator (TPR) has published the results of a survey into trustee diversity and inclusion (D&I). The survey was conducted in July and August 2023, with responses from 2,197 trustees and public service scheme pension board members, making it TPR’s largest ever survey. Although the survey highlighted a lack of diversity in terms of visible characteristics such as ethnicity, it did also show diversity in terms of skills, life experience, professional background, cognitive diversity and educational background.

The Pensions Regulator (TPR) has published a speech from its chief executive, Nausicaa Delfas, on the changes in the pensions sector and how TPR is evolving to respond to these changes. The speech addresses the growing influence of scheme consolidation across both defined benefit and defined contribution schemes, the changing role of trustees in producing transparency and value for members, the emergence of superfunds and the broadening powers of TPR around compliance, oversight and analysis.

On 23 September 2024, the Pensions Regulator (TPR) published statement of strategy illustrative templates and a list of the data and information for insertion into the relevant illustrative template. The templates differ depending on whether the scheme’s chosen valuation route is Fast Track or Bespoke and whether the scheme has reached the ‘relevant date’ or not.

The Pensions Regulator (TPR) has issued revised covenant guidance for defined benefit (DB) pension scheme trustees, aligning with the new DB funding code. This guidance, which includes the first regulatory definition of employer covenant, aims to provide greater market certainty and promote consistency across schemes. Key updates encompass cash flow analysis, affordability assessments, maximum contributions, reliability periods, covenant longevity, and contingent assets. The guidance emphasises proportionality in covenant assessments and includes worked examples for complex areas. TPR expects trustees to review their existing covenant analysis, particularly if their scheme's funding position has significantly changed recently. This publication completes the framework for valuations under the new DB funding code, reinforcing TPR's commitment to protecting member benefits and ensuring employer support aligns with scheme risk profiles.

The Pensions Regulator (TPR) has published an updated defined benefit (DB) superfunds guidance setting out its capital release expectations and including detail on capital-backed arrangements and insolvency circumstances. Changes to the guidance include: (1) capital can be released up to twice a year and only following a capital release funding test having been satisfied, (2) transfers should meet its capital requirements on a standalone basis only if, after the transfer, the superfund would be funded below the level at which capital can be released, and (3) standard capital adequacy requirements may now be relaxed where a scheme’s sponsoring employer becomes insolvent and the scheme is unable to afford the buyout of full benefits, or to enter a superfund or capital backed arrangement on full capital adequacy terms.