The Pensions Regulator (TPR) has reported that Stephen Smith, a former trustee of the Worthington Employee Pension Top-Up Scheme has been sentenced to ten-months' imprisonment, 150 hours of unpaid work in the community and is to pay £1,000 in prosecution costs. The term of imprisonment has been suspended for 12 months. Smith pleaded guilty to using scheme funds to make five prohibited loans totalling approximately £700,000. TPR reported that all scheme funds have been lost as the loans were converted into another employer-related investment which failed.

The Pensions Regulator (TPR) has reported that it has successfully recovered the assets of two convicted fraudsters after a Proceeds of Crime Act 2002 (POCA 2002) investigation. Alan Barratt and Susan Dalton have been ordered at Southwark Crown Court to pay £9,771 and £25,010 respectively. TPR have said that the amounts recovered ‘represent the vast majority of Barratt and Dalton’s remaining assets’ and that if any further assets are linked to the pair, the amount payable by them may be increased under a confiscation order. Additionally, the conclusion of the investigation means that the pension schemes affected by the pairs’ fraudulent activities can now take steps to further progress the claims on the Fraud Compensation Fund.

The Pensions Regulator (TPR) has released research revealing that 90% of defined contribution (DC) savers are in schemes investing in productive assets. The data reveals that 72% of DC master trusts, 57% of large DC schemes, and 45% of defined benefit schemes hold productive assets like infrastructure and private equity. TPR has identified governance concerns in smaller schemes, with 70% of micro schemes unable to identify their productive asset holdings. In response, TPR is implementing Value for Members assessments and developing a Value for Money framework with the Department for Work and Pensions (DWP) and the Financial Conduct Authority (FCA).

The Pensions Regulator (TPR) has published revised administration guidance consolidating expectations for trustees, scheme managers and administrators across all pension scheme types. The guidance, which replaces TPR’s previous Defined Contribution (DC) specific framework, sets out practical steps to support high-quality administration that protects member benefits and strengthens confidence in the pensions system.

Law360: The Pensions Regulator said that legislative change may be needed to prevent pension schemes from falling foul of privacy laws in communications with their members.

Law360: Half of the 5,000-plus defined benefit (DB) pension schemes in Britain are expected to have exceeded their estimated buyout funding levels, the Pensions Regulator (TPR) said on 24 April 2024, giving trustees and employers a chance to reassess their long-term objectives.

The Pensions Regulator (TPR) has published a regulatory intervention report under section 89 of the Pensions Act 2004 on its engagement with the Edinburgh Woollen Mill Ltd Retirement Benefits Scheme (Scheme) following the insolvency of its sole sponsoring employer in November 2020. Working with the Pension Protection Fund (PPF) and the Scheme’s trustee, TPR reached an agreement with Purepay Retail Ltd (Purepay), which acquired the business from administration, for it to become the Scheme’s new statutory employer. TPR’s intervention means members are now expected to receive full benefits under the Scheme, rather than reduced compensation through the PPF or via an insurer.

The Pensions Regulator (TPR) has secured approximately £2.55m for the Danapak Flexibles Retirement Benefits Scheme through multiple enforcement actions. An Upper Tribunal ruling on 4 August 2025 ordered Ann Pelgrave to pay £245,749 plus £85,000 in interest. This follows earlier settlements where Chris and Elizabeth Wrigley agreed to pay £2m in October 2023, and Paul Wrigley paid £222,482.83 following a TPR Determinations Panel decision. The enforcement actions addressed funds extracted from Discovery Flexibles Limited between 2008 and 2019 while its pension scheme maintained a deficit.

The Pensions Regulator (TPR) has published a regulatory intervention report detailing its successful engagement with Reach Plc regarding the MGN Pension Scheme's triennial valuations. Following TPR's involvement, Reach Plc agreed to increase annual deficit recovery contributions from £41m to £46m and provide an additional £25.5m over five years. The agreement, covering both 2019 and 2022 valuations, aims to achieve full funding for the 5,490-member scheme by January 2028.

The Pensions Regulator (TPR) has set out its expectations for pension scheme trustees as reforms under the Pension Schemes Act 2026 are implemented, calling on trustees to consider whether they have the governance and capability to meet future requirements or should consolidate. For defined benefit (DB) schemes, TPR expects trustees to determine their long-term objective, assess available endgame options and review their governance arrangements. Regulations on DB surplus are expected to come into force in April 2027, with TPR intending to consult on guidance on the factors trustees should consider when assessing surplus release. For defined contribution (DC) schemes, TPR has urged trustees to prepare for the value for money (VFM) framework, with 2027 being the first year for which data must be collected and the data due to be submitted by the end of March 2028. TPR, the Department for Work and Pensions (DWP) and Financial Conduct Authority (FCA) also intend to consult jointly in autumn 2026 on a framework for guided retirement. TPR said the first multi-employer collective defined contribution (CDC) schemes could begin accepting contributions from early 2027.

The Pensions Regulator (TPR) Chair, Emma Douglas, has delivered a speech setting out TPR’s expectations for workplace pensions as reforms under the Pension Schemes Act 2026 are implemented, focusing on value for money, default pensions and the future structure of the defined contribution (DC) market.

The Pensions Regulator (TPR) has published its 2025/26 Corporate Plan and 2024/25 Annual Report and Accounts. The Corporate Plan sets out how TPR intends to support the pensions industry in preparing for the Pension Schemes Bill, which is set to reshape the market across both defined contribution (DC) and defined benefit (DB) schemes. TPR notes that its focus remains on raising standards of trusteeship and investment governance, delivering value for savers, and encouraging the development of safe pathways to good retirement outcomes. It highlights the shift to a more prudential style of regulation, addressing risks not only at the individual scheme level but also those affecting the wider financial ecosystem. TPR also confirms the launch of a new approach to master trust supervision, a digital, data and technology strategy, and an innovation support service. According to the Annual Report, TPR met or almost met 30 of its 31 key performance indicators (KPIs) for 2024/25. It did not meet the KPI relating to cyber risks and pensions technology, but states that it is engaging with cybersecurity experts to improve performance in this area.