In this article, we look at the Pensions Regulators future plans outlined in their Corporate Plan 2022 to 2024.
On 13 June 2022 the Pensions Regulator (TPR) published its latest Corporate Plan 2022 to 2024 (Plan) setting out five key strategies to protect members and promote positive pensions outcomes. The Plan updates last year’s Corporate Plan (2021 Plan), and builds on its 2021 Corporate Strategy (Strategy) which set out how TPR aimed to meet its statutory objectives across a challenging global economy with new technology-driven areas of risk and a constantly evolving UK marketplace.
The Plan broadly aims to “put savers at the heart” of TPR’s work, by enhancing and protecting savers’ pensions through five strategic workstreams, assessed against various benchmarks and performance indicators. We consider each of these workstreams below. This is a helpful summary of the key developments in the pensions landscape over the next couple of years.
1. Security
New powers:
TPR will be implementing its new moral hazard enforcement powers introduced on 1 October 2021 under the Pension Schemes Act 2021 (PSA 2021), including, in due course, additional changes to the notifiable events regime in order to shore up its function as an effective ‘early warning system’ for pension scheme regulatory risk.
Cyber security:
In the 2021 Plan, TPR confirmed it would continue to consider and develop its work on cyber security in order to mitigate the increasingly substantive risks in this…
