It is well known that pensions regulation has increased significantly in recent years.
In fact, the Pensions Regulator (tPR) has indicated that the burden on trustees and employers will continue to grow in the future. The expertise and experience of trustees is of paramount importance when it comes to ensuring pension scheme members’ interests are protected, and standards of governance and scrutiny must be maintained to ensure value for money and good outcomes for members.
Today, maintaining a regular oversight of each individual aspect of a workplace pension is already a challenge for employers and trustees alike. As this burden will continue to increase, employers can expect additional regulatory risks and correspondingly higher costs as they seek to ensure good standards of compliance.