Crucial TPR has powers it needs to step in, take action and protect savers
26 June 2018
The Pensions and Lifetime Savings Association (PLSA) has today responded to the Government’s consultation: ‘Protecting Defined Benefit Pension Schemes – A Stronger Pensions Regulator’.
Joe Dabrowski, Head of Governance and Investment, at the Pensions and Lifetime Savings Association (PLSA), said:
“The Pensions Regulator (TPR) plays a vital role in the UK pensions industry in both setting standards and stamping out poor behaviour. Therefore it’s crucial the regulator has the powers it needs to be able to step in, take action, and protect savers.
“The ability to impose significant fines, get involved sooner, and have more oversight of risky corporate transactions and employers, would all be welcome steps towards safeguarding people’s defined benefit (DB) pensions. We are also pleased to see the Government consulting on reforms the PLSA has previously proposed such as ensuring all DB schemes have a chair of trustees and to introduce a chair’s statement. We will be responding to this consultation and look forward to working with both the Government and TPR to help give more people greater security in their DB schemes.”
NOTES TO EDITORS
Robyn Margetts, Head of Media and PR, Pensions and Lifetime Savings Association
T: 020 7601 1726, M: 07713 073023, E: [email protected]
Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association
T: 020 7601 1748, M: 07901 007 713, E: [email protected]
ABOUT THE PENSIONS AND LIFETIME SAVINGS ASSOCIATION
We’re the Pensions and Lifetime Savings Association; the national association with a ninety year history of helping pension professionals run better pension schemes. Our members include over 1,300 pension schemes with 20 million members and £1 trillion in assets, and over 400 businesses. They make us the voice for pensions and lifetime savings in Westminster, Whitehall and Brussels.
Our purpose is simple: to help everyone to achieve a better income in retirement. We work to get more money into retirement savings, to get more value out of those savings and to build the confidence and understanding of savers.