Fraudsters are using increasingly sophisticated impersonation tactics to target savers’ pensions.
The enhanced intelligence we and our partners are developing means we can detect these threats and take action to prevent harm earlier. What we are seeing makes it clear that schemes must tighten their security – and take action to protect their members.
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Pensions dashboards will transform savers’ engagement with their retirement savings. Department of Work and Pensions data shows 8 in 10 savers want to use one, but new figures from TPR show scheme data still needs work. With the legislative deadline fast approaching, the pensions industry must ensure it is ready, and that high quality data enables savers to reap the benefits of dashboards.
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Embracing digital, data and technology (DDaT) is an important way the pensions industry can boost saver outcomes and help grow the economy. Paul Neville, Executive Director of DDaT at The Pensions Regulator (TPR), explains how we are supporting this with the creation of a new industry working group.
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TPR Chief Executive Nausicaa Delfas examines the impact of the Pension Schemes Bill, how the regulator is working to address unfinished business in the pensions system, and why industry must push for ever higher standards to help unlock transformational opportunities.
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For The Pension Regulator’s (TPR’s) whole existence we have worried about scheme deficits and a lack of longer-term planning. When a sponsoring employer of an underfunded pension scheme becomes insolvent, those members may go into the Pension Protection Fund (PPF). While the PPF can provide valuable compensation, the impact of this transfer can be material to members.
Those members are often older people who have little or no chance to make up the shortfall in their expected retirement income.
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Having worked in this industry for 18 years, I have witnessed the invaluable contributions of pension scheme administrators – those often unsung heroes behind the scenes who ensure the smooth functioning of our financial systems. Their role is pivotal in safeguarding the future of millions of savers.
In this blog, we’ll explore their crucial role, why we are expanding our engagement, and the impact of effective administration on the industry.
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At The Pensions Regulator (TPR), we are committed to protecting savers’ money, enhancing the pension system and supporting innovation in the interests of savers. Innovation is something we are increasingly seeing in our evolving pensions landscape.
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There has been a welcome national focus on pension savings recently. It’s vital savers get to know their workplace pensions and consider carefully whether they are saving enough.
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Protecting savers and supporting innovation are central to our work. In line with this, we are working closely with providers in the market to explore alternative defined benefit (DB) scheme funding arrangements that are emerging.
Investing for a pension is often the only and largest investment people make. Savers rely on the pension system working as hard as it can to deliver the best possible retirement income.
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