In response to new regulations, the Pensions Regulator (TPR) is making changes to guarantee ongoing benefits for savers and reinforce its oversight.
Starting in April, three new regulatory functions will be established:
1- Regulatory Compliance (ensuring compliance)
2- Market Oversight (improving the market) and
3- Strategy, Policy, and Analysis (evolving regulations and supporting innovation)
Chair of TPR, Sarah Smart, said: “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.”
These changes will be supported by essential functions like Operations, Digital, Data and Technology, and People.
Chief Executive of TPR, Nausicaa Delfas, said: “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.”
The changes reflect TPR's dedication to addressing compliance issues, managing market-wide risks, and fostering innovation.
Talk to us if you want to discuss any of these changes.