TPR consultation on Compliance and enforcement policy for public service pension schemes – an NAPF response
Overall the regulatory and enforcement policy set out in TPR’s proposed compliance and enforcement policy for public service pension schemes is straightforward and consistent with the way TPR regulates private sector schemes. However, it lacks detail in a number of areas and fails to address concerns raised previously by the NAPF and other industry bodies, in particular the interaction of this regulatory approach with the remit of the LGPS Advisory Board to promote best practice. We believe that further LGPS specific guidance would clarify the intended management of any tensions arising from this interaction. The LGPS is the only funded public sector pension scheme and therefore has a unique status that needs to be addressed in TPR’s regulatory approach.