TPR: Basics
Background
TPR is the UK’s regulator of work-based pension schemes. It has the following objectives:
- protect the benefits of members of work-based pension schemes;
- promote and improve understanding of the good administration of work-based pension schemes;
- reduce the risk of situations arising that may lead to compensation being payable from the PPF (for further details see, PPF: Basics);
- in relation to scheme funding only, minimise any adverse impact on the sustainable growth of an employer; and
- maximise compliance with the automatic enrolment duties.
Although pure DC schemes are not eligible for the PPF, the first two objectives apply equally to DB schemes and DC schemes (whether trust or contract-based).
General Powers
TPR has a large number of powers relating to the regulation and administration of pension schemes, including:
- power to appoint an independent trustee;
- issuing improvement, or third party, notices;
- power to wind up a scheme;
- issuing a freezing order; power to impose a schedule of contributions or modify a scheme as regards future accrual of benefits where agreement cannot be reached on funding.
Anti-Avoidance Powers
These powers allow TPR to act where it believes that an employer is deliberately attempting to avoid its pension obligations. It may impose:
- contribution notices;
- financial support directions;
- restoration orders and
- certain criminal and/or civil sanctions.
For details of these see, Anti-Avoidance: TPR’s Powers.
Commonly used abbreviations in pensions
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