The Pensions and Lifetime Savings Association (PLSA) has responded to The Department for Work and Pension's consultation: Protecting DB Pension Schemes – a stronger pensions regulator - the PLSA's full response can be found here.
Tiffany Tsang, Policy Lead: LGPS and Defined Benefit, Pensions and Lifetime Savings Association, said:
“The difficulties facing defined benefit pension schemes today require bold action, and The Pensions Regulator (TPR) is at the heart of both setting standards and preventing poor behaviour. We therefore support the proposals in this consultation document to strengthen TPR’s powers as it’s crucial the regulator can step in, take action, and protect savers.
“In particular, we recognise the need for additional information gathering powers, increasing the range and strength of penalties available, and updating requirements on when and how companies should offer additional financial contributions to a pension scheme.
“However, much more detail is needed to ensure that the new powers work and are used proportionately. For instance, it is currently unclear how often the new civil and criminal sanctions powers are intended to be used, and how they will fit into the criminal justice system. There must be a joined up approach with criminal justice agencies and we believe further clarity around the formal stages leading to enforcement action should be included in draft legislation or through guidance.”
Robyn Margetts, Head of Media and PR
020 7601 1726 | 07713 073 023 | [email protected]
Steven Kennedy, PR Manager
020 7601 1737 | 07713 073024 | [email protected]