Trustees, scheme administrators and employers of workplace pension schemes
This website is for employers and trustees/scheme administrators of Zurich's UK work place pension schemes. This includes defined benefits and money purchase occupational schemes and group personal pension schemes. It is not intended for schemes who have a scheme number preceded by 'N' or an eight digit number commencing with 1 as these schemes have their own dedicated website.
For specific information and news items relevant to your type of scheme, please go to the tabbed area below. Please note, some areas are still under development.
Please visit this site regularly as we will be posting news items that we hope will be of interest to you and updating you on changes in legislation or regulations that impact your scheme.
The Pensions Regulator sets out steps to tackle gaps in scheme governance
'Two surveys commissioned by the Pensions Regulator (tPR) to gauge how schemes are meeting expectations, and to explore the barriers they face, show that the majority of members are in relatively well-run schemes. As part of their response to the survey findings, they set out how they will tackle poor standards of stewardship and risks around sub-scale schemes by making their expectations of trustees clearer and enforcing against non-compliance.
In particular tPR will:
- Support small schemes by being clearer and more directive, providing tools and showing trustees how they can take action to ensure they are getting the basics right, such as clarity of roles and responsibilities and effective oversight of third parties. TPR’s forthcoming 21st Century Trusteeship – raising the standards of governance campaign is a key element of this work and will launch later in September focusing on good governance;
- Take targeted enforcement action against those who are not meeting required standards. For Defined Benefit schemes, this will also mean ensuring trustees are managing key risks in an integrated way and take necessary action to secure the fair treatment of their scheme;
- Maintain an open discussion with government partners and industry on how scheme consolidation can play a part in driving up standards amongst small schemes which consistently fail to meet standards;
- Ask trustees to report on their record-keeping standards in the scheme return so we can intervene and enforce if necessary if they are failing in their duties and not taking appropriate steps to improve their records;
- As part of tPR Future work, look to expand their range of regulatory approaches. In particular, undertake more thematic reviews, for instance around maintaining contributions and value for money, to assess emerging risks across a number of schemes or employers.
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