TPR threatens non-compliant small schemes with enforcement action and consolidation

TPR said some small and medium size pension schemes were found to have "major gaps" in the standards it expects. It seeks to tackle the issue by overhauling its communication with schemes and using "targeted enforcement action" where schemes are not complying. At the same time it is considering to encourage sub-standard schemes to consolidate where appropriate. The regulator had conducted two separate surveys on defined contribution (DC) and defined benefit (DB) schemes and found many small DC schemes were not meeting its standards on administration, investments, and value for money, ...