The UK Pensions Regulator has outlined three key priorities for the next three years in its newly published corporate plan.
Under this plan, the regulatory body has stated that the first priority will involve the strengthening of the defined benefit scheme funding by completion of scheme specific valuations, while those schemes with deficits will have agreed recovery plans.
Governance of work-based pensions will also be improved via a year-on-year improvement in the extent to which trustees demonstrate knowledge and understanding of governance requirements.
The third and final priority involves the reduction of risks to members of defined contribution schemes via raised understanding among trustees and others involved in running defined contribution schemes.
The corporate plan 2007-2010 sets out the regulator’s strategy and aims, and details how its resources will be deployed over the next three years to deliver its risk-based approach to regulation. It also highlights progress made in the development of the regulator: its systems, culture, business processes, and delivery of the regulatory framework required by the Pensions Act 2004.
Pensions Regulator chief executive Tony Hobman said: We have built a strong basis for further development relating to our core themes of strengthening scheme funding, improving the governance of work-based pensions, and addressing the risks to defined contribution scheme members, whilst delivering risk-based regulation.
Our overriding goal is to meet our statutory objectives, working efficiently and in partnership with the regulated community, government and representative bodies. This plan will enable us to deliver against the statutory objectives and key challenges set out in our medium-term strategy.