TPR publishes updated enforcement & prosecution policies

The Pensions Regulator (TPR) has published its new consolidated and simpler draft enforcement policy for consultation.

Alongside this, it’s also updated its prosecution policy to assist those facing or affected by enforcement action understand its approach.

The enforcement policy consolidates previous policies for defined benefit (DB), hybrid, public sector pension schemes and defined contribution pension schemes.

In line with this, both the enforcement and prosecution policies have been updated to include the new powers granted to TPR in the Pensions Schemes Act 2021, while also reflecting its experience from using existing enforcement powers.

Thanks to this the body will be able to gather evidence more efficiently and respond to events or conduct that could impact schemes.

Under the Act there are several sanctions and deterrents that have been introduced against conduct that could put members’ pensions at risk or impede the regulator’s investigations.

While such policies have been enhanced, TPR noted a need to be clearer about all of its enforcement powers through more streamlined policy documents.

David Fairs, TPR’s executive director of regulatory policy, added: “We want to be clear with the pensions industry about our approach to enforcement and prosecution. With our new powers to help us ensure savers’ money is secure, we felt it was timely to review our existing policies and consolidate them where possible, so they are easier to navigate.”

He pointed out that the two policies explain what targets or those affected by enforcement action should expect from the body.

However, TPR’s existing enforcement policies for automatic enrolment, master trust authorisation and upcoming CDC schemes have not been included in the new draft policies.

“We’ve simplified, consolidated and clarified the way in which our regulated community accesses important information about enforcement,” Fairs concluded.

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