Pensions news

Week ending 26 July 2019

Work and Pensions Secretary

Amber Rudd remains in her post as Secretary of State for Work and Pensions in Boris Johnson’s new cabinet. She has been in the post for just over 250 days and is the sixth Work and Pensions Secretary since the 2015 general election. It remains to be seen whether there’ll be a new pensions minister…

What has the Regulator been up to?

Following his appearance before the Work and Pensions Committee on 26 June 2019, TPR Chief Executive, Charles Counsell, sent a letter to Frank Field with answers to a number of questions the Committee had asked about the Regulator’s work, in particular:

  • the history of TPR’s involvement with the funding of the Railways Pension Scheme
  • the impact on the Regulator’s approach to DB funding of the sustainable growth objective and the revised funding code, both of which were introduced in 2014
  • the number of fines issued for non-compliant Chair’s statements – 522 so far
  • the fact that TPR is currently carrying out seven criminal investigations into pension scams, covering 52 schemes, 38 suspects and indicative losses to savers of around £55 million.