Buzz: TPR reliance on seconded staff no big deal

clock • 1 min read

Contributors were pretty relaxed about The Pensions Regulator's reliance on staff seconded from major consultants. Although a third were worried about the conflicts of interest that could arise from these arrangements the majority thought the benefits outweighed the risks.

buzz-5-160513

Several contributors pointed to the difference in circumstance between TPR and HM Revenue and Customs. One respondent said: "The regulator does nothing that pension specialists wish to game on behalf of our clients so there is nothing for us to manipulate so no risk."

Another contributor who saw no risk in the arrangement said: "A secondment would equate to a massive saving for TPR compared to engaging with firm directly, so what would the problem be?"

"An exposure to reality from both perspectives can only improve understanding and communication," said another supporter.

But a more sceptical contributor warned: "Consultants will influence regulations and TPR operations to benefit consultants. Not necessarily schemes. Has anyone thought about seconding actual practitioners?"

Other warned of conflicts and "cronyism", while once contributor said the advent of TPR had been a "bonanza for advisers".

"The covenant reviews which TPR is ordering trustees to commission from accounting firms are a scandal," they said.

More on Law and Regulation

TPR updates guidance to help those making third-party applications

TPR updates guidance to help those making third-party applications

Application process improved for use of certain pension powers

Jonathan Stapleton
clock 07 May 2025 • 1 min read
Government urged to compel 25% UK investment as 'quid pro quo' for tax relief

Government urged to compel 25% UK investment as 'quid pro quo' for tax relief

Baroness Altmann says bold reform will be a radical game-changer for UK growth

Jonathan Stapleton
clock 06 May 2025 • 2 min read
Pensions minister rules out retrospective change after HoC debate on clawback

Pensions minister rules out retrospective change after HoC debate on clawback

MPs say pension integration ‘is a relic from the past and needs to be abolished’

Jonathan Stapleton
clock 24 April 2025 • 5 min read
Trustpilot