The Pensions Regulator (TPR) needs more funding and staff rather than a larger suite of powers, the Work and Pensions Committee (WPC) has been told.
MPs heard that TPR's current set of powers allow it an adequate oversight of defined benefit (DB) schemes, but a larger remit due to new pensions policy, such as auto-enrolment (AE), means it lacks peoplepower....
The Pension Regulator’s (TPR) strengthened powers under the Pension Schemes Bill could lead to a revival of its clearance process, according to advisers and lawyers.
The Universities Superannuation Scheme (USS) trustee board has warned investment returns will be lower in the future than expected as it edges closer to concluding its 2020 valuation.
The long-debated Pension Schemes Bill has received parliamentary approval, guaranteeing its place on the statute book.
Pension transfer values ended 2020 at £259,000, 8% higher than the start of the year, according to XPS Pensions, after suffering periods of substantial volatility linked to the pandemic while potential scams reached record highs.
Some £20.1bn of defined benefit (DB) pensions were advised to transfer between 2018 and 2020, while £10.2bn were recommended not to transfer, Financial Conduct Authority (FCA) data reveals.