The Pensions Regulator has set out its priorities for the next three years in its new corporate plan.
The plan outlines the regulator’s strategic approach to regulating defined benefit (DB) and defined contribution (DC) schemes, and to the implementation of automatic enrolment (AE).
It also details how the regulator will maximise compliance with automatic enrolment duties among the country’s medium, small and micro employers, investigate pension liberation activity and fulfil its extended remit of regulating the governance and administration of public service pension schemes.
The regulator has identified four corporate priorities to guide its strategy. These are:
- to promote good governance and administration of work-based pension schemes
- to promote security and good outcomes for members of work-based pensions
- to promote employer compliance with their pension responsibilities
- to improve our organisational efficiency and effectiveness.
The Pensions Regulator’s chair, Mark Boyle, said:
"The pensions landscape continues to develop apace, with Government proposals on minimum DC quality standards, automatic transfers, defined ambition and drawing an income at retirement. It’s important that we remain an agile organisation able to adapt to fresh challenges, whilst maintaining our unswerving focus on good outcomes for retirement savers.
"Automatic enrolment is a core area where the biggest challenges still lie ahead. Tens of thousands of employers will reach their staging date in coming months and we want to ensure they have the information they need to implement the reforms successfully, avoiding non-compliance."
Interim chief executive, Stephen Soper, said:
"To help us achieve our aims, we will be focusing on overarching corporate priorities, rather than rigidly adhering to a silo-based approach with our individual lines of business.
"Over the next few years we will be embedding the new growth objective into our DB work, helping DC schemes assess their value for money, and supporting SMEs in complying with their AE duties, amongst other activities. It is crucial that we approach these challenges with organisational flexibility if we are to regulate effectively in today’s ever-evolving pensions landscape."
The corporate plan includes an analysis of the current risks and issues in the pensions landscape, as well as the regulator’s business plan for 2014-15.
|
