The Pensions Regulator hails tougher stance
A new report has explained how The Pensions Regulator (TPR) has employed tougher measures to keep members’ savings safe.
TPR’s latest quarterly compliance and enforcement bulletin followed news that 10 million people are newly saving or saving more thanks to auto-enrolment.
The watchdog says the bulletin demonstrates the wide ranging action it is taking to protect savers and ensure staff receive the pensions they are entitled to.
The report highlighted new approaches and powers to disrupt, deter and punish dishonest activity.
This included serving a summons in the regulator’s first prosecution for fraud and employer related investments against a trustee who was also a qualified accountant.
In another case, TPR executed warrants linked to six people suspected of fraud which led to arrests and questioning.
TPR director of automatic enrolment, Darren Ryder, said: “More than 1.4 million employers have done the right thing for their staff and we’re delighted so many now have the opportunity to save for later in life.
“But we are not complacent and will continue to ensure employers and their advisers meet their responsibilities.
“We will not tolerate behaviour by employers or their advisers that sees pension savers short changed by not being put into a scheme.”
Executive director of frontline regulation, Nicola Parish, added: “This report highlights the many wide ranging powers and ways of working that we are using to protect savers – from helping trustees deal more robustly with employers, to taking swift court action when we suspect members’ savings are at imminent risk.
“Our clearer, quicker and tougher approach is having a real impact.”