The Pensions Regulator (TPR) has published its annual report and accounts, in which it reveals that it intervened in 22% of schemes in the past year, an increase from 16% on the previous year. It highlights its guidance to trustees on Liability Driven Investments, Environmental Social Governance and Diversity and Inclusion. It also notes that it authorised the UK’s first Collective Defined Contribution scheme as well as publishing a strategy to combat pension scams (to which 601 organisations have signed up) and jointly publishing (with the DWP and Financial Conduct Authority) a consultation on a Value for Money framework for defined contribution schemes.
The Pensions Protection Fund (PPF) has also published its annual report and accounts citing “significant progress” against its Strategic Plan; it has increased its funding ratio to 156%, its reserves to £12billion and the return on its growth assets was above the performance benchmark used to measure it against other funds. It highlights that, last year, the Fund began the process of transitioning to a lower levy, reducing it significantly and noting an expectation to further reduce its reliance on this. The PPF has also provided an update on its Climate Change reporting.
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