Pensions Pieces — February 2014: public service pension schemes… some further developments - .PDF file.
In the November edition of Pensions Pieces, Taylor Wessing featured an article on the many changes taking place in relation to public sector pensions. Building on these changes, the end of 2013 saw a flurry of activity both from the Department for Work & Pensions and the Pensions Regulator in relation to these arrangements, particularly addressing governance and administration issues.
The article referred to the expanded role of the Pensions Regulator in relation to public sector pension arrangements, deriving from provisions in the Public Service Pensions Act 2013. The regulator has now issued a number of consultation documents on matters in connection with that extended role, which relate to public service pension schemes.
It has issued a draft regulatory strategy document that describes how the regulator will seek to educate, enable and, where necessary, take enforcement action in relation to the legal requirements applicable to public service pension schemes. The themes in the draft regulatory strategy document reflect a familiar approach to regulation by the regulator — namely to understand the risks in relation to these schemes, to educate, enable and promote good practice, to help legal obligations to be met and to enable these schemes to be run competently. It also sets out the factors that the regulator will take into account when considering enforcement action if it believes that there has been a breach of the law and how it intends to measure the impact of its activities…
Click on the link below to read the rest of the Taylor Wessing briefing.