Gaucho Rasmussen
The Pensions Regulator has published updated guidance to help those making third-party applications, including those to appoint an independent trustee.
The watchdog explained that, when trustees fail in their duties, applications can be made to the regulator to appoint an independent trustee.
It said the decision to appoint an independent trustee – as well as to use certain other third-party application powers, such as waiving trustee disqualifications, or revoking a prohibition order – currently sits with the determinations panel, a committee of TPR that operates separately and makes decisions independently.
Those able to make these applications will depend on the power being considered but may include trustees, scheme managers and the sponsoring employers of pension schemes.
Applications are made to the regulator, which will then assign a case team to help present them to the determinations panel.
The updated guidance TPR has published today (7 May) will help applicants know what information to supply so that their applications can be assessed as swiftly and effectively as possible.
The guidance includes links to bespoke application forms and explains the roles of the applicant, TPR's case team and the determinations panel. It also highlights it is the applicant's responsibility to prove in their application that the relevant power should be used.
TPR executive director of regulatory compliance Gaucho Rasmussen said: "We can use a range of powers to help protect savers' pensions, but when people ask us to step in, we need evidence it is in the interests of members and those directly affected.
"If you are making an application to us, we hope by following our guidance the process will be as smooth as possible."
