The Pensions Regulator (TPR) is the UK regulator of workplace pension schemes.
We make sure that employers put their staff into a pension scheme and pay money into it. We also make sure that workplace pension schemes are run properly so that people can save safely for their later years.
Who we are
We are a public body sponsored by the Department for Work and Pensions (DWP). We’re based in Brighton and have around 800 staff.
We work closely with the Financial Conduct Authority who regulate personal pension schemes. We also work closely with other public bodies including:
Our board members oversee what we do and make sure that TPR is well run.
What we do
We are responsible for:
- making sure employers put their staff into a pension scheme and pay money into it (known as ‘automatic enrolment’)
- protecting people’s savings in workplace pensions
- improving the way that workplace pension schemes are run
- reducing the risk of pension schemes ending up in the Pension Protection Fund (PPF)
- making sure employers balance the needs of their defined benefit pension scheme with growing their business
In our Corporate Strategy we have set five high-level priorities, each with a strategic goal, which indicate our core areas of focus:
- Security: Savers’ money is secure.
- Value for money: Savers get good value for their money.
- Scrutiny of decision-making: Decisions made on behalf of savers are in their best interests.
- Embracing innovation: The market innovates to meet savers’ needs.
- Bold and effective regulation: TPR is a bold and effective regulator.
The detail behind our day-to-day work is set out in our Corporate Plan. Our priorities for 2020 to 2021 are:
- Support workplace pensions schemes to deliver benefits through significant change driven by the global pandemic.
- Protect pension savers across all scheme types through proactive and targeted regulatory interventions.
- Provide clarity to, and promote the high standards of trusteeship, governance and administration we expect.
- Intervene where appropriate so that defined benefit schemes achieve their long-term funding strategy and deliver on pension promises.
- Ensure jobholders have an opportunity to save into a qualifying workplace pension through automatic enrolment.
- Continue to build a regulator capable of meeting the future challenges we face.
See Corporate Strategy and Corporate Plan for more information on these priorities.
To deliver our priorities we will set clear expectations, identify risk early, drive compliance through supervision and enforcement, and work with others. Read more about our approach to regulating.