The Pensions Regulator was set up to strengthen oversight of occupational pensions in the UK. It was given the important new duty of mitigating the risk of claims from financially stressed pension schemes upon the Pensions Protection Fund.
The Pensions Regulator also inherited pre-existing duties to oversee the administration and governance of occupational pension schemes, including ensuring that trustees perform their role to an acceptable standard.
In the aftermath of an adverse event involving an independent trustee, we conducted an organisational review of the Pensions Administration and Governance team.
We analysed the role, structure, capabilities and business processes of the PAG team, in terms of how it responded to the specific demands of the different types of work undertaken: thematic projects, case management and administrative tasks.
Our recommendations addressed the need to strengthen capabilities in relation to repetitive operational tasks, trustee monitoring and the delivery of projects aimed at strengthening scheme governance.