Sixty Second Summary
Visits from The Pensions Regulator: what lessons can be learned?
02 Sep 2019
Ensuring you are “Regulator ready”
- Policies – Ensure all of the required statutory and best practice policies are in place and up to date
- Processes – Be able to clearly demonstrate all the processes you need to follow in managing your fund
- People – Make sure your Pension Committee and Pension Board are appropriately knowledgeable and working effectively
Policies, Processes and People – be prepared if the Regulator comes calling
The last few months have seen the publication of The Pension Regulator’s (TPR) corporate plan and public service governance and administration survey. Taken together these documents give a clear sense that TPR intends to be more proactive and give greater focus to administration and governance matters. But what might this look like in practice?
Last year around 10 LGPS funds were part of a TPR “Cohort engagement” exercise, or “deep dive” if you prefer. Whatever the jargon used, the exercises allowed TPR to get a close-up insight into the workings of LGPS funds and for those funds to better understand what is on The Regulator’s mind.
The specifics of this exercise are, of course, confidential but our wide LGPS client base allows us to draw some general conclusions about what a visit from TPR might entail.
Broadly speaking these can be broken down into the 3 P’s: Polices, Processes and People.
Download our full summary here.
We have a wealth of experience in supporting funds through developing or reviewing policies, implementing reviews of team structures and ways of working and providing appropriate training to Committees, Pension Boards and Officers. If we can help you in getting up to speed with the 3P’s please do not hesitate to get in touch.