TPR

The Pensions Regulator (TPR) is set to increase its engagement with pension scheme administrators in light of the Covid-19 pandemic.

This week’s top stories included amendments to the Pension Schemes Bill being passed by the House of Lords, while The Pensions Regulator revealed its intentions to tighten expectations on the industry with the release of its 2020/21 corporate plan.

It’s not all gloom and doom say Buzz respondents…

One-in-ten defined benefit (DB) schemes have already discussed the option of superfund consolidation as a target endgame while a further 9% are planning to do so shortly, according to Willis Towers Watson (WTW).

The Pension Superfund (PSF) has moved a step closer to completing its first deal with the official registration of the superfund as an occupational pension scheme by HM Revenue & Customs (HMRC).

The Pensions Regulator (TPR) has said it will continue with its “clear, quick and tough” approach to driving up standards across the pensions industry following the coronavirus pandemic.

The Pensions Ombudsman (TPO) has ordered a former owner of Norton Motorcycles to pay back £14m of pension fund monies that he had invested in the struggling sponsor.

Pension Insurance Corporation has reiterated its call for the establishment of a new consolidation vehicle, run by a not-for-profit agency, to target smaller underfunded schemes with weak sponsors.

Bank of England (BoE) governor Andrew Bailey is understood to have warned against superfund consolidation of defined benefit (DB) pension schemes less than a week after the entities were given the green light by The Pensions Regulator (TPR).

The government has amended its Corporate Governance and Insolvency Bill to give the Pension Protection Fund (PPF) and The Pensions Regulator (TPR) a greater role in corporate restructurings.