Regulator consults on compliance and enforcement policy for public service schemes

The Pensions Regulator is consulting on a draft policy which sets out its approach to compliance and enforcement for public service schemes. From April 2015, the Regulator will have regulatory oversight of the governance and administration aspects of public service schemes and a code of practice relating to such schemes was laid before Parliament last month (see Legal update, Pensions Regulator's public service schemes code of practice laid before Parliament).

The policy sets out the Regulator's expectations for compliance with relevant legal requirements and how it will proceed in cases of non-compliance, including when it may use its enforcement powers. The Regulator expects to focus on educating and enabling schemes to improve standards of governance and administration, particularly in the early stages of the new regulatory regime.

The consultation closes on 5 March 2015.

Sources: Pensions Regulator: Consultation: Compliance and enforcement policy for public service pension schemes (5 February 2015) and Pensions Regulator, Draft compliance and enforcement policy for public service pension schemes, 5 February 2015.