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Fire and Police Local Pension Boards
Governance Conference 2019
Nick Gannon
Policy Lead
15 May 2019
Public Service Pensions
Governance Conference
The information we provide is for guidance only and should not be taken as a definitive interpretation of the law.
An evolving Pensions Regulator
• Our role is to protect workplace pensions
• We are being clearer, quicker and tougher
• We are changing in five key areas:
− clarifying our identity
− setting clear expectations
− improving our regulatory oversight
− using a wider range of regulatory interventions
− being more efficient and effective
The evolving Pensions Regulator
Efficient and effectiveInterventionRegulatory oversight
Clear expectationsIdentity and
engagement
• Be proactive with our engagement (PSPS, DB, DC and MTs)
• Supervision and Enforcement functions
• Clearer, quicker and tougher approach
New approach will:
• Build strong, open and transparent relationships with those responsible for
scheme governance & administration
• Enable greater understanding of legal requirements and TPRs perspective
• Enable us to detect and address any potential problems early on and to work with
those involved to resolve them
• Greater focus on governance and administration standards across all the
schemes we regulate
TPR Future
Governance and Administration Survey (2018)
• The survey is voluntary
• Carried out in November & December 2018
• This year’s responses covered 94% of schemes and 99% of memberships.
• The survey is anonymous by default, though schemes can attribute their
answers so that TPR and or their Scheme Advisory Board can see them
• TPR does not take regulatory action based on the answers given, but the
answers in aggregate may inform our regulatory approaches
PSPS survey
PSPS survey – Key processes
Key processes (by size within scheme type)
8
Pension board meetings in the last 12 months
These slides remain the property of The Pensions Regulator and their content should not be altered on reproduction.
9
Pension Board composition
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10
Pension Board Composition
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Assessing and managing risk
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Knowledge & Understanding (1)
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Knowledge & Understanding (2)
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Employer data provision
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Protection against cyber risk (overall)
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Protection against cyber risk
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17
Cyber security & breaches in the last year
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content should not be altered on reproduction.
18
Barriers to improvement
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Key results
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