The Pensions Regulator (TPR) will introduce a comprehensive framework to oversee professional trustees (PTs) in response to the substantial growth of the PT market in the UK. With over half of UK pension schemes utilizing professional or sole trustees, TPR aims to better understand the diverse business models and risks associated with PTs. During a recent conference, TPR's Chief Executive emphasized the necessity of extending regulatory engagement to safeguard over a trillion pounds in retirement income. The oversight will address various risk factors including relationships with employers and remuneration models, starting from summer 2023.
The Pensions Regulator (TPR) will enhance oversight of professional trustees to address risks to pension savers and influence better outcomes.
TPR's Chief Executive Nausicaa Delfas highlighted that over half of UK schemes now utilize professional trustees, steering a trillion pounds in retirement income.
Significant growth in the PT market necessitates a new, risk-based regulatory framework aimed at protecting savers and better understanding the risks presented by diverse business models.
The Market Oversight team at TPR plans to engage with PT firms to mitigate risks and support better decision-making processes within pension schemes.
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