TPR undertaking internal review after Norton Motorcycles case
The Pensions Regulator (TPR) chief executive Charles Counsell has written to Work and Pensions Committee (WPC) chairman Stephen Timms responding to questions over how the watchdog handled issues around the Norton Motorcycles pension schemes.
The comes after the WPC sent TPR a letter following The Pensions Ombudsman's decision to uphold complaints relating to the Norton Motorcycles pension schemes.
Counsell said TPR was, as a result of the issues raised, undertaking an internal review to identify if there are lessons to be learned in how it addresses conflicts of interest.
He noted however that, while the regulator does not have the resources to review every small scheme, it does intend to do more work in the future looking at the governance issues around smaller pension schemes.
Responding to the letter, Timms said: "TPR's own research has shown the governance standards of small pension schemes to be consistently lower than their larger counterparts. Setting up small schemes has provided opportunities to scammers in the past and we will be looking at this in more detail in our upcoming inquiry."
The WPC announced it would investigate pension scams in July as the first strand of a three-part inquiry into the impact of the pension freedoms and the protection of pension savers.
More on Law and Regulation
Chancellor confirms Covid-19 salary top-up scheme
Chancellor Rishi Sunak has confirmed a salary top-up scheme designed to minimise job losses over the next six months will be introduced on 1November as tighter Covid-19 restrictions remain in place.
PLSA publishes vote reporting templates ahead of stewardship changes
The Pensions and Lifetime Savings Association (PLSA) has published vote reporting templates to assist schemes in disclosing how they enact shareholder voting rights.
Autumn Budget cancelled amid Covid-19 crisis - reports
The November Budget will not go ahead due to the ongoing coronavirus crisis, according to reports.
Time for some quid pro quo on scams
If authorities really want to stop scams, they ought to make it safe for trustees to refuse a transfer that shows red flags, says Margaret Snowdon
Industry must fight Pension Schemes Bill mission creep
While the Pension Schemes Bill is continuing its route through the parliamentary process, there are still some loose ends to tie up - including section 107. Here, Richard Butcher, looks at what the implications of that clause could mean for DB schemes....
