The Pensions Regulator (TPR) has published its latest quarterly compliance and enforcement bulletin where it has showcased how it is flexing its muscles and enforcement powers to safeguard member benefits. The report outlines the case of a global company which agreed to pay £3 million into its defined benefit (DB) pension scheme after The Pension Regulator opened an anti-avoidance investigation because of concerns that members' pensions were being put at risk.
TPR's Executive Director of Frontline Regulation, Nicola Parish, said: "We are working to be a clearer, quicker and tougher regulator. Very often, being clear that we are fully prepared to use our powers gets employers and trustees to the table and means members are safeguarded more quickly. Several cases are resolved thanks to clear and robust negotiation by our case teams and the early engagement of companies and trustees."
The report, that covers the January to March 2018 also highlights that because of the high volume of employers that reached their staging date last autumn, the number of times TPR has used its powers in this quarter makes up 20% of all powers used since the advent of auto enrolment.
TPR's Director of Automatic Enrolment, Darren Ryder, said: "Huge numbers of employers are starting their workplace pensions duties every month and the vast majority are successfully meeting their duties. However, where an employer fails to do the right thing for their staff, we will take action using the wide range of powers available to us."