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TPR announces April 2024 overhaul: new compliance, market oversight and strategy functions to regulate a consolidating UK workplace pensions market, prioritising value for money, trusteeship and faster enforcement

Published on: 27 February 2024

Published by a Law360 reporter
Legal News
Article summary

On 22 February 2024, TPR confirmed that a suite of new functions, due to go live in April 2024, has been shaped for a shifting landscape that brings fresh risks and openings for savers. Among these is a regulatory compliance function, which TPR said will safeguard savers’ interests through the ‘effective and efficient’ delivery of compliance services aimed at schemes and employers. TPR added it will seek to lift market standards via targeted engagement with schemes under a new market oversight function, concentrating on delivering value for money and strong trusteeship. It also plans to introduce a strategy, policy and analysis function, through which TPR will draw on insights from its activities to refine the regulatory framework and back so-called market innovation...

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