Sarah Smart: Our new structure means we will be swifter to address compliance failures and market-wide risks
The Pensions Regulator (TPR) has announced it is undertaking a “strategic shift” in its occupational pensions oversight.
Announcing three new regulatory functions, TPR said it would "continue to deliver good outcomes for savers while strengthening its regulatory grip" as the pensions landscape "rapidly" evolves.
As of April, TPR will create three new functions covering regulatory compliance "targeting schemes and employers" to champion savers' interests; market oversight to drive forward "strategic engagement with schemes"; and a "strategy, policy and analysis" function to "evolve the regulatory framework and support market innovation".
As part of the changes, TPR will recruit for three new executive director roles within the new functions. They will also sit on the TPR board, subject to approval from the Secretary of State for Work and Pensions.
TPR said interim appointments would be made in the meantime.
In addition, TPR said most functions of the regulator's frontline regulation directorate would move to the regulatory compliance directorate, in addition to the automatic enrolment team. It said the supervision team (currently part of the frontline regulation directorate) and the communications team would move to the new market oversight directorate.
It said the new functions will be "supported and enabled" by the existing operations, digital data and technology and people divisions.
TPR chair Sarah Smart said: "We are moving from a fragmented pensions landscape of thousands of small schemes to an environment of fewer, larger schemes. That means we need to change our regulatory approach to protect savers in the future.
"The market should expect us to engage with it differently from now on. Our new structure means we will be swifter to address compliance failures and market-wide risks while being more dynamic in our industry engagement and bringing innovation to the fore."
TPR chief executive Nausicaa Delfas added: "We have to make sure that workplace pensions work for savers. Our organisational changes are about bringing our talented and capable colleagues together to protect, enhance and innovate in savers' interests."
