A new statutory objective for The Pensions Regulator – An NAPF response to the DWP Call for Evidence
The NAPF welcomes the DWP’s Call for Evidence on Pensions and Growth and is pleased that the Chancellor’s Autumn Statement acknowledged the concerns raised by the NAPF over the last 12-18 months on the impact that the current economic conditions are having on defined benefit (DB) pension schemes and their sponsoring employers.
The NAPF is supportive of the proposal to give TPR a new statutory objective. However we are concerned that the proposed wording of the new statutory objective (to consider the long-term affordability of deficit recovery plans to sponsoring employers) leaves it open to interpretation by TPR.
Our preferred wording for a new statutory objective would be much broader - ‘to promote good pension provision and to ensure the health and longevity of pensions’ - and would provide a stronger check and balance against the TPR’s existing statutory objectives.