Pensions Regulator
Pensions Regulator
The Pensions Regulator is a UK public service whose goal is to manage and regulate work-based pension schemes. It makes sure that employers follow the Auto-Enrolment rules, there are sufficient funds in pension schemes, and pension plans are being managed to serve the best interests of retirement savers.
Pensions Regulator Duties
The pension regulators’ primary mission is to safeguard the benefits of users of work-based pension schemes. Besides, they promote an understanding of how workplace pension schemes can be properly administered.
The Pension Act 2008 is responsible for the auto-enrolment, which means most employees must be by default included in a pension scheme supported by their employer. At the same time, this act obligates employers to make contributions toward their employee’s pensions. The pension regulator monitors auto-enrolment and makes sure that employers are complacent and doing their part.
The powers of the Pensions Regulator
The pension regulator aims to identify and prevent problems before they turn into much greater ones by providing assistance and support to trustees, employers, and administrators. The pension regulator can investigate and analyse pension schemes so they can detect risks earlier, make things right if specific issues emerge, and make sure that employers meet their pension obligations regularly.
Some of their main powers include temporarily suspending a pension scheme, issuing improvement notices, acting when needed to recover unpaid contributions, and so on. It is within their scope to even prosecute some offences within a criminal court.
Contacting the Pensions Regulator
If you are worried or have certain concerns regarding your workplace pension, you can contact the Pensions Regulator by calling them, sending an email, or completing their online form.
