The Pensions Regulator’s responsibilities
The Pensions Regulator (TPR) is responsible for protecting the benefits of members of workplace pension schemes and improving understanding of how work-based pension schemes can be administered effectively.
The Pensions Act 2008 introduced Auto Enrolment, meaning that most employees must be automatically enrolled into an employer pension scheme, and employers must contribute to employee pensions. The Pensions Regulator is now responsible for making sure employers are complying with these duties.
The powers of the Pensions Regulator
The main aim of the Pensions Regulator is to prevent problems developing, by providing support and advice to trustees, administrators and employers. The regulator can investigate schemes to identify risks, help put things right if problems are identified, and make sure that employers aren’t avoiding their pension obligations.
If the Pensions Regulator decides that action needs to be taken, they have a number of powers. For example, they can issue an improvement notice, take action to recover unpaid contributions, issue a freezing order to temporarily suspend the scheme, impose fines, and even prosecute certain offences in the criminal courts.
Contacting the Pensions Regulator
If you’re worried about how your workplace pension is being run, you can contact the Pensions Regulator to report your concern. You can do this by completing their online form, sending an email or calling them.
PensionBee can help you combine and transfer your old personal and workplace pensions into a single pension plan that you can manage online. Sign up to PensionBee here.
As always with investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. This information should not be regarded as financial advice.
Last edited: 12-08-2021