The Pensions Regulator has published its consolidated enforcement policy, alongside a new enforcement strategy.
This policy includes new powers given to the regulator under the Pensions Schemes Act 2021 and replaces three previous compliance and enforcement policies on DB funding, DC and PSPS schemes.
TPR has also published its updated prosecution policy and consultation response.
The enforcement policy sets out the outcomes TPR might pursue, and ways it might go about achieving them, in pursuit of its goal to improve safety and security for pension savers.
Meanwhile, the prosecution policy has also been brought up to date to reflect new criminal powers in the PSA21 and other developments.
TPR’s executive director of frontline regulation Nicola Parish says: “These new policies and the strategy are key drivers in implementing our long-term corporate strategy. They will focus our work to address issues around pension security and be a framework for us to be a bold and effective regulator.”
The new enforcement strategy sets out TPR’s overarching aims of its enforcement work — excluding automatic enrolment — and provides insight into the framework TPR applies when selecting cases for enforcement action.
In a blog also published today, Erica Carroll, TPR’s director of enforcement says: “While our new strategy and policies are not a fundamental change in our approach, they give a clearer understanding of the enforcement journey and factors we will take into account throughout the life of a case.
“Our work in enforcement is constantly evolving as we take on more cases and test new powers. We continue to be transparent in the outcome of our cases through our publications and will revisit our strategy and policies if these outcomes or other circumstances require any changes in our approach.”